US oil inventories down by more than 1M barrels last week: API

Oil tanks

US oil inventories fell by 1.58 million barrels last week, despite a 410,000-barrel increase in stocks at the Cushing delivery center—the largest storage center in the United States, data from the American Petroleum Institute (API) showed.

Gasoline stocks fell by 5.9 million barrels during the week ended Oct. 11, while distillate stocks— which include diesel and heating oil—fell by about 2.7 million barrels.

Meanwhile, Brent crude futures for December delivery settled at $74.22 per barrel on Oct. 16. WTI crude futures for November delivery fell 0.25%, or 19 cents, to $70.39 a barrel.