Commodities News

Oil Inventories Fall by Less-Than-Expected 1.1M Barrels Last Week: API

By Yasin Ebrahim – U.S. crude stockpiles fell less than expected last week, the API reported Tuesday, adding further pressure on oil prices following the easing of Russia-Ukraine tensions.     

West Texas Intermediate, the U.S. benchmark, traded at $91.91 barrel on the news, after settling down 3.6% at $92.07 a barrel.

U.S. crude inventories fell by 1.1 million barrels for the week ended Feb.11. That compared with a draw of 2.0 million barrels reported by the API for the previous week. Economists were expecting a draw of about 1.8 barrels. 

The API data also showed that gasoline inventories slipped by 923,000 barrels last week, and distillate stocks decreased by 546,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.6 million barrels last week.

Source :

Leave a Reply

Your email address will not be published. Required fields are marked *