Oil Inventories unexpectedly fall by 3.2M barrels last week: API

April 24, 2024 07:00 AM AEST | By Investing

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Oil Inventories unexpectedly fall by 3.2M barrels last week: API

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Investing.com -- U.S. crude stockpiles unexpectedly fell last week, the API reported Tuesday, adding to expectations that demand is on the rise ahead of the summer driving season.

Crude Oil WTI Futures, the U.S. benchmark, traded at $83.36 a barrel following the report after settling up at $83.36 a barrel.

U.S. crude inventories fell by about 3.2 million barrels for the week ended Apr. 19, compared with an increase of 4.09M barrels reported by the API for the previous week. Economists were expecting an increase of 1.8M barrels.

The API data also showed that gasoline stockpiles fell by 595,000 barrels, while distillate inventories rose 724,000 barrels.

The official government inventory report is due Wednesday.

This article first appeared in Investing.com

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