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Oil Inventories Fell by 6.1M Barrels Last Week: API By


© Reuters.

By Yasin Ebrahim – U.S. crude stockpiles fell by more than expected last week, amid a slow recovery of U.S. production following disruptions from Hurricane Ida.   

After settling between $0.27 and $70.56 per barrel, the benchmark shot up to $70.84 on the news.

The week ending Sept. 17 saw a decrease of about 6.1million barrels. This compares to the API’s previous weekly draw of 5.4 million barrels. According to economists, the draw was expected to be around 2.4million barrels.

A fifth of U.S. crude production has been shut down in the Gulf of Mexico, nearly three weeks since Hurricane Ida struck the Louisiana Gulf Coast.

API reports that crude oil inventories dropped by approximately 432,000 barrels last week and that distillate stock fell by around 2.7million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. declined by about 2.4 million barrels last week.

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