US crude oil, gasoline stocks decline last week: API

Oil tanks

US crude oil inventories fell by about 1.5 million barrels last week, despite a 1.6 million-barrel rise at the Cushing delivery center, the largest storage center in the United States, the American Petroleum Institute (API) said in its weekly report.

Gasoline stocks fell by 1.2 million barrels during the week ended Feb. 28. Distillate stocks, which include diesel and heating oil, rose by about 1.1 million barrels.

Meanwhile, Brent crude futures for May delivery fell by 0.8%, or 58 cents, to close at $71.04 a barrel on March 4.

WTI crude futures for April delivery slipped 0.15%, or 11 cents, to $68.26 a barrel.