Commodities and Futures News
US oil futures in slight boost after API shows larger decline in crude stocks
2024.08.27 17:03
Investing.com — U.S. crude oil futures received a slight boost in post-settlement trading Tuesday after the American Petroleum Institute reported a larger-than-expected decline in weekly domestic crude stocks.
, the U.S. benchmark, traded at $75.89 a barrel following the report after settling down 2.4%% at $75.53 a barrel.
decreased by about 3.4M barrels for the week ended Aug. 23, compared with a build of 347,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 3M barrels.
Gasoline stockpiles fell by about 1.9M barrels, while distillate inventories — the class of fuels that includes diesel and — fell by 1.4M barrels.
The report is due Wednesday at 10:30 a.m. EST (1530 GMT).
