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Oil Inventories Fall by 3.6M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com: U.S. crude stocks fell faster than anticipated last week, at a time Omicron continues to pose a threat to energy demand.  

The U.S. benchmark traded at $71.38 per barrel after the news settled up 3.7% to $71.12 per barrel.

For the week ended December 17, 2017, oil fell by 3.7million barrels. This is compared to the draw of 815k 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 3.7 Million barrels and distillate stock decreased by 849,000 barrels.

Expect the official government inventory report to be due Wednesday. It will show that weekly U.S. crude oil consumption fell by approximately 2.6 million barrels last Thursday.

 

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