Commodities and Futures News
US oil futures off lows after API inventory shows surprise decline in crude stocks
2024.10.16 17:19
Investing.com — U.S. crude oil futures were higher in post-settlement trading Wednesday after the American Petroleum Institute reported an unexpectedly decrease in weekly domestic crude stocks.
, the U.S. benchmark, recently traded at $70.67 a barrel following the report after settling down 0.3% at $70.39 a barrel.
decreased by about 10.9 million barrels for the week ended Oct. 11, compared with a build of 10.9M barrels reported by the API for the previous week. Economists were expecting a build of about 3.2M barrels.
Gasoline stockpiles fell by about 5.9M barrels, while distillate inventories — the class of fuels that includes diesel and — declined by 2.7M barrels.
The report is due Thursday at 10:30 a.m. EST (1530 GMT).
