US crude inventories fall 4M barrels last week: API

US crude and fuel inventories decline in week to Oct. 24

US crude and fuel inventories declined in the week ended Oct. 24, according to estimates by the American Petroleum Institute (API), signaling stronger energy demand in the world’s largest economy.

In a report released on Oct. 28, API announced commercial crude stockpiles dropped by four million barrels last week.

Gasoline inventories dropped 6.35 million barrels during the same period, while distillate stocks, including diesel and heating oil, declined by 4.36 million barrels.

Energy markets are awaiting official inventory data from the Energy Information Administration on Oct. 29, which is expected to show a 900,000-barrel drop in crude inventories, following a one million-barrel decline the previous week.

At Tuesday’s close, December Brent futures fell 1.86%, or $1.22, to settle at $64.40 a barrel.

December WTI futures also dropped 1.89%, or $1.16, to $60.15 a barrel.