U.S. crude oil inventories down last week: API
Aug 24, 2022
Houston (Texas) [US], August 24:The American Petroleum Institute (API) on Tuesday reported a decrease of 5.632 million barrels of crude oil in U.S. inventories for the week ending Aug. 19.
Analysts expected a drop of about 0.45 million barrels for this week.
The API reported a decline of 0.448 million barrels in the previous week.
Oil prices surged on Tuesday as traders awaited data on U.S. crude stockpiles.
The West Texas Intermediate for October delivery added 3.38 U.S. dollars, or 3.7 percent, to settle at 93.74 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 3.74 dollars, or 3.9 percent, to close at 100.22 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Commodity Insights forecast the EIA publication to show a decline of 3.2 million barrels of U.S. crude inventories for the week ending Aug. 19.
Source: Xinhua
