By Yasin Ebrahim

Investing.com — U.S. crude oil and product inventories including gasoline fell more than expected last week, the API reported Tuesday, 

After settling at $102.41 per bar, a U.S. benchmark traded at $103.33 per barrel after the report.

The week ending April 23rd saw a drop of 3.5 million barrels 28. This compares to the API report for the week prior of 4.8 million barrels. According to economists, this would be an increase of around 1.2 million barrels. 

These positive numbers helped oil prices recover some losses after concerns about China’s demand.

API data showed that gasoline inventories dropped by 4.5 Million barrels, and distillate stocks fell by approximately 4.5 Million barrels.

On Wednesday, the official government inventory report is due to reveal that weekly U.S. crude oil consumption fell by approximately 829,000 barrels.