US oil inventories fell by 5.52 mln barrel: API

US oil inventories fell by 5.52 million barrels during the week ended Sept. 1, in line with estimates that foresaw a decline in inventories for the fourth week in a row, the American Petroleum Institute (API) data showed.

In its weekly report, API said that gasoline stocks fell by about 5.09 million barrels last week, while distillate stocks increased by 306,000 barrels.

The US Energy Information Administration is scheduled to release official inventory data on Sept. 7, amid expectations that crude stocks will decline by 1.43 million barrels.

Oil prices rose on Sept.6, as Brent crude for November delivery gained 0.6%, or 56 cents, to close at $90.60 per barrel—rising for the seventh session in a row.

WTI crude for October delivery also increased by 1%, or 85 cents, to record $87.54 per barrel, continuing its gains for the ninth consecutive session and marking the longest series of daily gains since early 2019.