US oil inventories fall nearly 3M barrels last week: API

Oil tanks

Crude oil inventories in the US fell by 2.8 million barrels last week, after stockpiles at the Cushing delivery center – the largest storage center in the US – fell by 2.6 million barrels, data from the American Petroleum Institute (API) showed.

Gasoline stocks decreased by 513,000 barrels in the week ended Sept. 6, while distillate stocks (including diesel and heating oil) increased by about 191,000 barrels.

Meanwhile, Brent crude futures for November delivery fell 3.7%, or $2.65, to close on Sept. 10 at $69.19 a barrel—its lowest level since the end of 2021.

WTI crude futures for October delivery fell by 4.3%, or $2.96, to $65.75 per barrel.