Oil futures off lows after API data show big draw in US crude stocks
Trending Articles- Trump says US to help ships stranded in Strait of Hormuz as tanker hit by projectiles
- Bitcoin Price Forecast: BTC hits three-month high on derivatives-led surge
- Gold holds steady near $4,600 as Fed rate decision looms
- Goldman Sachs: Structurally Bullish on Gold to $5,400, But Warns of Short-Term Pullback
- Today’s Market Recap: Fed Dissent and AI Capex Surges Define Volatile Earnings Week
- Forex Today: Japanese Yen rallies on reported intervention, US-Iran tensions remain high
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.
