US oil inventories unexpectedly drop by 3.2M barrels: API

24/04/2024 Argaam

US oil inventories unexpectedly drop by 3.2M barrels: API

Oil tanks

US crude stockpiles unexpectedly fell last week by 3.2 million barrels, the American Petroleum Institute (API) reported on April 23, missing forecasts.

 

Gasoline inventories also fell by 595,000 barrels in the week ended Apr. 19, while distillate stockpiles increased by 724,000 barrels.

 

Economists were expecting an increase of 1.8 million barrels in US crude inventories.

 

Brent crude for June delivery settled higher on Tuesday, rising 1.65%, or $1.42, to $88.42 a barrel.

 

WTI for June delivery also rose by 1.8%, or $1.46, to $83.36 a barrel.

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