US crude inventories fall, gasoline stocks rise: API

API released data for week ended Nov. 28

The American Petroleum Institute (API) said early today, Dec.4, that US crude oil inventories decreased by 2.48 million barrels in the week ended Nov. 28.

However, the data showed that gasoline inventories increased by 3.14 million barrels last week, while distillate stocks rose by 2.88 million barrels.

At the close of trading on Dec. 3, Brent crude futures for February delivery fell 1.15%, or 72 cents, to $62.45 per barrel.

Meanwhile, US Nymex crude futures for January delivery declined 1.15%, or 68 cents, to $58.64 per barrel.

Investors are awaiting official data from the Energy Information Administration later today, with analysts expecting crude inventories to drop by 1.7 million barrels, distillate stocks to fall by around 100,000 barrels, and gasoline inventories to remain unchanged.