Oil inventories drop by more than expected 5.8M barrels last week: API

By Yasin Ebrahim

Investing.com — U.S. crude stockpiles fell much more than expected last week, though product inventories including gasoline increased, the API reported Tuesday. 

, the U.S. benchmark, traded at $86.80 a barrel following the report after settling up 1.2% at $86.92 a barrel. 

fell by 5.8 million barrels for the week ended Nov. 11. That compared with a build of 5.6M barrels reported by the API for the previous week.

Economists were expecting a draw of just 400,000 barrels. 

API data also showed that gasoline inventories rose by about 1.7M barrels last week, and distillate stocks increased by 850,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. fell by about 440,000 barrels last week.

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