US oil inventories fall by more than 4M barrels last week: API

17/07/2024 Argaam

Oil tanks

US oil inventories fell by 4.4 million barrels during the week ended July 12, the American Petroleum Institute (API) said in its weekly report.

 

Gasoline stocks increased by 365,000 barrels during the past week, while distillate stocks (including diesel and heating oil) rose by about 4.9 million barrels.

 

Meanwhile, Brent crude futures for September delivery slumped 1.3%, or $1.12, to close at $83.73 a barrel on July 16. WTI crude for August delivery fell 1.4%, or $1.15, to $80.76 per barrel.

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