US oil inventories fall 4M barrels last week: API

Oil tanks

Crude oil inventories in the US fell by 3.9 million barrels during the week ended July 19, the American Petroleum Institute (API) said in its weekly report.

Gasoline stocks decreased by 2.8 million barrels during the past week, while distillate stocks— including diesel and heating oil—declined by about 1.5 million barrels.

Meanwhile, Brent crude futures for September delivery fell 1.7%, or $1.39, to close at $81.01 a barrel on July 23.

WTI crude for September delivery (the most active contract) dropped 1.85%, or $1.44, to record $76.96 per barrel.