US oil stocks fall by 6.19 million barrels: API

16/08/2023 Argaam

US oil stocks fall by 6.19 million barrels: API

Oil tanks

The American Petroleum Institute (API) said that US oil inventories fell by 6.19 million barrels in the week ended Aug. 11.

 

In its weekly report, API said that gasoline stocks increased by 700,000 barrels last week, while distillate stocks decreased by 800,000 barrels.

 

On Aug. 16, the US Energy Information Administration is scheduled to release official data on inventories, amid expectations that crude stocks will fall by more than two million barrels.

 

Oil prices recorded the lowest settlement since Aug. 2, as Brent crude futures contracts for October delivery fell today, Aug. 15, by 1.5%, or $1.32, at $84.89 a barrel.

 

The price of US Nymex crude for September delivery decreased by 1.85%, or $1.52, to record $80.99 per barrel.

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