Oil Inventories Fall by 9.5 Million Barrels Last Week: API

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By Yasin Ebrahim

Investing.com – U.S. oil stockpiles fell sharply last week, easing worries that the recovery in demand is under threat.  

U.S. crude inventories fell by 9.5 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 2.97 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 3.25% after settling 2.74% higher at $38.28 a barrel on Tuesday.

The surprise draw comes a day ahead of the official government report expected to show weekly U.S. crude supplies rose by 1.271 million barrels last week.

The rise in oil prices comes as experts continue to warn on weaker crude demand. 

The International Energy Agency said it expects global oil demand growth to fall by 8.4 million barrels per day year-on-year to 91.7 million bpd. That is a deeper contraction than the 8.1 million bpd decline previously estimated.

   

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