US crude oil inventories fall by 2.4M barrels last week: API

Oil tanks

US crude oil inventories fell last week, while gasoline and distillate inventories increased, signaling mixed trends in energy demand in the world’s largest economy.

In a report issued by the American Petroleum Institute (API) on Aug. 19, it said commercial crude inventories fell by 2.4 million barrels in the week ended Aug. 15, compared with expectations for a smaller draw of 1.2 million barrels.

Gasoline inventories rose by one million barrels, while distillate stocks — including diesel and heating oil — increased by 500,000 barrels.

Investors are now awaiting official data from the US Energy Information Administration (EIA), due Aug. 20, with forecasts pointing to a 1.5-million-barrel decline in crude inventories.

At the Aug. 19 close, October Brent crude futures fell 1.22%, or $0.81, to $65.79 a barrel, while September WTI futures dropped 1.69%, or $1.07, to $62.35 a barrel.