Oil Inventories Fell by 7.7M Barrels Last Week: API


© Reuters.

By Yasin Ebrahim

.com – U.S. crude unexpectedly fell last week, as the ongoing reopening of the economy continues to drive up ahead of the key U.S. driving season.  

West Texas Intermediate, the for U.S. crude , was up $1.18 a barrel on the news, after settling up $1.03 at $62.44 a barrel.

Article continues below Advertisement...

U.S. crude inventories fell by 7.7 million barrels for the week ended April 29, according to an estimate released Tuesday by the . That compared with a rise of 4.3 million barrels reported by the API for the previous week.

The API also showed that inventories fell by about 5.3 million last week, compared with a 1.3 million fall in the prior week, and distillate slipped by about 3.4 million barrels. 

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 2.19 million barrels last week. 


Source: Investing.com


Please enter your comment!
Please enter your name here