Crude Oil Prices Hold Steady After API Reports Larger-Than-Expected Decline in Stocks
Investing.com — U.S. crude oil futures saw minimal movement in post-settlement trading on Tuesday as the American Petroleum Institute revealed a significant drop in weekly domestic crude stocks.
The U.S. benchmark, WTI crude oil, was trading at $71.50 a barrel after the report, slightly down from the settlement price of $71.56 per barrel, representing a 1.7% increase.
According to the API, crude oil inventories fell by approximately 4.3 million barrels for the week ending on September 20th, a stark contrast to the 2 million barrel build reported the previous week. Economists had anticipated a decrease of around 1.1 million barrels.
Gasoline stocks also saw a decline of about 3.4 million barrels, while distillate inventories, which include diesel and heating oil, dropped by 1.1 million barrels.
The official report from the Energy Information Administration is scheduled for release on Wednesday at 10:30 a.m. EST (1530 GMT).