Oil Inventories Fell by 5.44M Barrels Last Week: API

  • Investing.com
  • Commodities News
Oil Inventories Fell by 5.44M Barrels Last Week: API
Credit: © Reuters.

Investing.com - U.S. crude stockpiles fell by more than expected last week, tumbling by almost 5.5 million barrels amid continued fallout from production outages caused by Hurricane Ida, figures from the American Petroleum Institute showed.

U.S. crude inventories decreased by 5.437 million barrels for the week ended Sept. 10. That compared with a draw of 2.88 million barrels reported by the API for the previous week. Analysts were expecting a draw of about 2.4 million barrels.

The API also showed that gasoline inventories declined by 2.76 million barrels last week, while distillate stocks fell by 2.89 million.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 3.54 million barrels last week.

West Texas Intermediate , the benchmark for U.S. crude, climbed to $70.67 a barrel on the news, after settling up 1 cent to $70.46 a barrel.

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