Oil Inventories Fall by 817,000 Barrels Last Week: API

November 29, 2023 08:56 AM AEDT | By Investing
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Investing.com -- U.S. crude inventory fell by less than expected last week, the API reported Tuesday, though snapped a four-week streak of gains just as optimism grows for further production cuts from major oil producers gather steam ahead of the OPEC+ meeting later this week.

Crude Oil WTI Futures, the U.S. benchmark, traded at $76.45 a barrel following the report after settling up 2.1% at $76.41 a barrel.

U.S. crude inventories fell by 817,0000 barrels for the week ended Nov. 24. That compared with a build of 9.1 million barrels reported by the API for the previous week. Economists were expecting an decline of about 2M barrels.

The API data also showed that gasoline inventories fell by 898,000 barrels last week, while distillate stocks decreased by 2.8M barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 933,000 barrels last week.

This article first appeared in Investing.com


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