US crude stocks fall over 10M barrels, says API

The American Petroleum Institute (API) said in a report that US crude oil inventories declined significantly during the week ended June 13.

The US oil stockpiles fell by 10.13 million barrels last week, compared to expectations of a drop of just 600,000 barrels.

Estimates show rising energy demand in the world's largest economy, especially as gasoline inventories also declined — by 202,000 barrels during the same week — after a rise of about three million barrels in the previous week.

On the other hand, distillate inventories increased by 318,000 barrels. Investors are now awaiting the official inventory data from the Energy Information Administration, due today, June 18.

Brent crude futures for August delivery rose at close on Tuesday by 4.4%, or $3.22, to $76.45 a barrel.

Meanwhile, US WTI crude futures for July delivery jumped by 4.28%, or $3.07, to $74.84 a barrel.