Oil futures off lows after API data show big draw in US crude stocks

Investing.comAug 14, 2024 12:45 AM

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Investing.com -- U.S. crude oil futures were given a boost-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected decline in weekly domestic crude stocks.

Crude Oil WTI Futures, the U.S. benchmark, traded at $78.65 a barrel following the report after settling up 2.1% at $78.35 a barrel.

U.S. crude inventories decreased by about 5.2 million barrels for the week ended Aug. 9, compared with a build of 180,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 2 million barrels.

Gasoline stockpiles fell by 3.7M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- increased by 612,000 barrels.

The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).

Oil prices settle lower Tuesday, snapping a five-day winning streak on waning fears of the conflict in the Middle East could expand and threaten global crude supplies as a Iran signaled that it could back off plans to strike Israel should Gaza-ceasefire talks succeed.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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