US crude inventories decline last week: API

API report shows a decline in crude stocks and a rise in fuel inventories

US crude oil inventories fell during the week ended Nov. 21, according to estimates from the American Petroleum Institute (API), while fuel inventories rose over the same period.

In a report published early today, Nov. 26, API stated that commercial crude stockpiles declined by 1.86 million barrels last week.

Gasoline inventories increased by 539,000 barrels, and distillate inventories, including diesel and heating oil, rose by 753,000 barrels, according to the report.

Official data from the Energy Information Administration is scheduled for release later today, amid expectations of a 1.3-million-barrel drop in crude inventories.

At the close of trading on Nov. 25, Brent crude futures for January delivery fell by 1.40%, or 89 cents, to $62.48 per barrel.

NYMEX US crude futures for January delivery also declined by 1.51%, or 89 cents, to $57.95 per barrel.