Oil futures off lows after API data show big draw in US crude stocks
Trending Articles- U.S. November Nonfarm Payrolls: What Does the Rare "Weak Jobs, Strong Economy" Mix Mean for U.S. Equities?
- Tesla Stock Hits Record High as Robotaxi Tests Ignite Market. Why Is Goldman Sachs Pouring Cold Water on Tesla?
- U.S. November CPI: How Will Inflation Fluctuations Transmit to US Stocks? Tariffs Are the Key!
- AUD/USD remains depressed below mid-0.6600s; downside seems limited ahead of US NFP report
- December Santa Claus Rally: New highs in sight for US and European stocks?
- When is the BoJ rate decision and how could it affect USD/JPY?
Investing.com -- U.S. crude oil futures were given a boost-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected decline in weekly domestic crude stocks.
Crude Oil WTI Futures, the U.S. benchmark, traded at $78.65 a barrel following the report after settling up 2.1% at $78.35 a barrel.
U.S. crude inventories decreased by about 5.2 million barrels for the week ended Aug. 9, compared with a build of 180,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 2 million barrels.
Gasoline stockpiles fell by 3.7M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- increased by 612,000 barrels.
The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).
Oil prices settle lower Tuesday, snapping a five-day winning streak on waning fears of the conflict in the Middle East could expand and threaten global crude supplies as a Iran signaled that it could back off plans to strike Israel should Gaza-ceasefire talks succeed.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
