US oil inventories pare 3.4M barrels last week: API

API report showed distillate stockpiles rose last week

US oil inventories declined during the week ending Sept. 12, according to estimates by the American Petroleum Institute (API), while distillate stockpiles rose, sending mixed signals about energy consumption in the world's largest economy.

In a report published on Sept. 16, the API stated that commercial crude oil inventories fell by 3.42 million barrels last week, compared to analysts’ expectations of a 1.6-million-barrel decline.

The report also showed that gasoline inventories dropped by 691,000 barrels during the same period, while distillate stocks, which include diesel and heating oil, up 1.9 million barrels.

Investors are now awaiting the official data from the Energy Information Administration (EIA), due Sept. 17, with forecasts pointing to a 1.4-million-barrel increase in crude inventories.

At the close of Sept. 16 trading, Brent crude futures for November delivery rose 1.53%, or $1.03, to $68.47 per barrel, while US WTI crude futures for October delivery increased 1.93%, or $1.22, to $64.52 per barrel.