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Oil Inventories Fall by 3.1M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com reports that U.S. crude oil stockpiles dropped less than anticipated last week. This is due to supply disruptions, which have helped some in reducing concerns over omicron demand and supply imbalances.  

After settling at 75.98, 0.54%,, the U.S. benchmark oil price, was traded at $76.13 a barrel.

Oil prices ended the day higher as traders weighed production disruptions across Ecuador, Libya and Nigeria, Reuters reported, citing commentary from UBS.

The week ending Dec.24 saw a drop of 3.1 million barrels. This compares to the API’s draw of 3.75 million barrels for the prior week. Analysts expected a draw of around 3.2 million barrels. 

Data from API also revealed that gasoline inventories increased by 319,000 barrels, while distillate stocks fell by 716,000 barrels.

On Wednesday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by around 3.2 Million barrels.

 

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