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Oil Inventories Fall by 3.1M Barrels Last Week: API

Published 12/07/2021, 04:52 PM
Updated 12/07/2021, 05:11 PM
© Reuters.

By Yasin Ebrahim - U.S. crude stockpiles fell more than expected last week, but product inventories recorded sizeable gains at a time when many are reassessing the risk of the Omicron Covid-19 variant to energy demand. 

West Texas Intermediate, the U.S. benchmark, traded at $71.73 barrel on the news, after settling up 3.7% at $72.05 a barrel. 

U.S. crude inventories fell by 3.1 million barrels for the week ended Nov. 30. That compared with a draw of 747,000 barrels reported by the API for the previous week. Economists were expecting a draw of about 2.1 million barrels. 

The API data also showed that gasoline inventories rose by 3.7 million barrels last week, and distillate stocks increased by 1.2 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.7 million barrels last week.


Latest comments

There's many millions of barrels idle in tankers sitting right off our shores. Guess Bidens little speech at the docks didn't do much good.
most of the ships sitting are not tankers.
Not surprised by the crude inventories draw
it should go down
how about today. yesterday going up
how about today. yesterday going up
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