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Oil Inventories Fall by 815,000 Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com: U.S. crude oil stockpiles declined less than anticipated last week as investors continue to evaluate the risks of supply exceeding demand due to the Omicron version of Covid-19’s impact on travel.  

After settling at $70.73 an barrel,, U.S. benchmark oil, was traded at $70.42 barrel in the news. 

For the week ended December 10, oil fell by 815,000 barrels. This is compared to the draw of 3.1million barrels that the API reported for the week before. Analysts expected a draw of around 2.6 million barrels. 

Data from API also revealed that gasoline inventories increased by 426,000 barrels over the week and that distillate stocks declined by 1.0million barrels.

On Wednesday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by around 2.1million barrels.

 

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