US crude oil inventories decline 4.8M barrels last week: API

Fuel inventories rose over last week, API data showed

US crude oil inventories fell during the week ended Dec. 5, according to estimates from the American Petroleum Institute (API), while fuel inventories rose over the same period.

In a report published early today, Dec. 10, API stated that commercial crude stockpiles declined by 4.78 million barrels last week.

Gasoline inventories increased by seven million barrels, and distillate inventories, including diesel and heating oil, rose by nearly one million barrels, according to the report.

These estimates reflect diverging trends in fuel demand in the world’s largest economy, as investors await the official data from the US Energy Information Administration later today, with crude inventories expected to fall by 1.2 million barrels.

At the close of trading on Dec. 9, Brent crude futures for February delivery fell by 0.88%, or 55 cents, to $61.94 per barrel.

WTI US crude futures for January delivery also declined by 1%, or 63 cents, to $58.25 per barrel.