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Oil inventories fall by 2.3M barrels last week: API

Published 12/12/2023, 04:58 PM
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Investing.com -- U.S. crude inventories declined more than expected last week, the API reported Tuesday, at a time when many are concerns about burgeoning non-OPEC production, pushing global crude supplies into surplus.

Crude Oil WTI Futures, the U.S. benchmark, traded at $68.83 a barrel following the report after settling down 3.8% at $68.61 a barrel to remain on track for its longest weekly losing streak since 2018.

U.S. crude inventories  fell 2.3M barrels for the week ended Dec. 8, compared with a build of 549,000 barrels reported by the API for the previous week. Economists were expecting an decline of about 1.5M barrels.

The larger-than-expected draw comes as concerns about growing non-OPEC supply offsetting recent output-cut pledges by OPEC and its allies, OPEC+ amid doubts about whether the cuts will be extended.  

The API data also showed that gasoline inventories increased by 5.8M barrels last week, while distillate stocks decreased by 300,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 1.5M barrels last week.

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