US oil inventories decrease by 2.7 mln barrels last week: API

25/10/2023 Argaam

Oil tanks

The American Petroleum Institute (API) said that US oil inventories fell by 2.67 million barrels during the week ended Oct. 20.

 

In its weekly report API said gasoline stocks fell by 4.17 million barrels last week, while distillate stocks fell by 2.3 million barrels.

 

The US Energy Information Administration is scheduled to issue official inventory data on Oct. 25, amid expectations that crude stocks will decline by 1.55 million barrels.

 

Meanwhile, oil closed lower today, Oct. 24, as Brent crude futures for December delivery fell 1.95%, or $1.76, to settle at $88.07 per barrel, after rising during the day to $90.68.

 

WTI crude for December delivery lost nearly 2%, or $1.75, to record $83.74 per barrel—the lowest settlement since Oct. 12.

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