US crude oil, gasoline inventories decline last week: API

API estimates show US commercial crude oil inventories fell 247,000 barrels last week

US crude oil and gasoline inventories declined during the week ended Jan. 23, according to estimates from the American Petroleum Institute (API).

The institute said in a report released early today, Jan. 28, that commercial crude oil inventories fell by 247,000 barrels last week.

Gasoline inventories also declined by 415,000 barrels, while distillate inventories — including diesel and heating oil — increased by 2.01 million barrels over the same period.

The US Energy Information Administration (EIA) is scheduled to release the official data later today, amid expectations of a one-million-barrel increase in crude oil inventories.

At the settlement of trading on Jan. 27, Brent crude futures for March delivery rose 3%, or $1.98, to $67.57 per barrel.

US Nymex crude futures for March delivery also climbed 2.90%, or $1.76, to $62.39 per barrel.