Oil Inventories Unexpectedly Fall by 4.5M Barrels Last Week: API
2022.04.20 00:25
By Yasin Ebrahim
Investing.com — U.S. crude inventory unexpectedly declined last week, the API reported Tuesday, just as global growth looks set for a rocky road ahead that some worry could blunt energy demand.
West Texas Intermediate, the U.S. benchmark, traded at $102.33 barrel following the report.
U.S. crude inventories fell by 4.5 million barrels for the week ended April. 14. That compared with a build of 7.8 million barrels reported by the API for the previous week. Economists were expecting an increase of about 2.5 million barrels.
The slip in oil prices on Tuesday comes amid concerns about the impact on energy demand of slowing global growth in the wake of the Russia-Ukraine war.
The IMF cut its global growth forecast by 3.6% in both 2022 and 2023, from prior forecasts of 4.4% and 3.8% respectively.
The API data also showed that gasoline inventories rose by 2.9 million barrels last week, and distillate stocks increased by 1.7 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by about 2.5 million barrels last week.
