US oil inventories shed 4.8 mln barrels: API

23/11/2022 Argaam

US oil inventories shed 4.8 mln barrels: API

Oil tanks

The American Petroleum Institute (API) said crude oil inventories shed 4.8 million barrels in the week ended Nov. 18.

 

API’s weekly report revealed that US gasoline stocks retreated by 450,000 barrels last week, while distillate inventories gained 1.1 million barrels.

 

The US Energy Information Administration (EIA) is due to release official inventory data later today, amid expectations that crude stockpiles will fall by 2.6 million barrels.

 

Oil prices advanced at the settlement of trading yesterday, Nov. 22, as Brent crude futures for January delivery jumped by about 1% to $88.36 a barrel. US West Texas crude also surged 1.1% to $80.95.

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