US oil inventories fall by 577,000 barrels last week: API

Oil tanks

Crude oil and gasoline inventories in the United States declined over the past week, while distillate stocks rose, offering mixed signals on the energy consumption trends of the US economy.

According to a report released by the American Petroleum Institute (API), crude oil inventories decreased by about 577,000 barrels in the week ended July 18.

Meanwhile, gasoline inventories dropped by 1.29 million barrels, and distillate stocks — including diesel and heating oil — added 3.48 million barrels.

Investors are now awaiting the release of official inventory data from the Energy Information Administration (EIA) today, July 23, amid expectations that crude inventories will fall 1.4 million barrels.

At July 22 close, Brent crude futures for September delivery fell by 0.90%, or 62 cents, to $68.59 a barrel.

Meanwhile, WTI crude futures for August delivery, expires today, declined by 1.47%, or 99 cents, to $66.21 a barrel.