US crude, distillate stocks fall last week: API

Oil tanks

Crude oil inventories in the US fell by 640,000 barrels in the week ended Feb. 21, in addition to a decline by 1.1 million barrels in the inventory of the Cushing delivery center, the largest storage facility in the US, according to a report released by the American Petroleum Institute (API).

Gasoline stocks increased by 537,000 barrels last week, while distillate stocks— including diesel and heating oil—lost about 1.1 million barrels.

Meanwhile, Brent crude slipped 2.35%, or $1.76, to close at $73.02 a barrel on Feb. 25. WTI crude for April delivery fell 2.5%, or $1.77, to $68.93 a barrel.