By Yasin Ebrahim

Investing.com — U.S. crude stock unexpectedly dropped last week, API reported Tuesday. The report comes at a time when global growth is expected to be slow and some are concerned about the impact on energy demand.   

The U.S. benchmark oil, remained at $102.33 per barrel after the report.

The week ending April 22nd saw a drop of 4.5 million barrels 14. This compares to a 7.8 million barrels build reported by API the week before. According to economists, the increase was expected at 2.5 million barrels. 

Oil prices fell on Tuesday amid worries about how the slowing of global growth, which has been triggered by the Russia-Ukraine War, will impact energy demand.

Global growth projections for 2022-2023 were cut by the IMF, which was previously forecasting 4.4% and 3.8%.

API data revealed that gasoline inventories increased by 2.9% last week and that distillate stocks rose by 1.7%.

On Wednesday, the official government inventory report is due to reveal that weekly U.S. crude oil consumption rose by approximately 2.5 million barrels.