US oil inventories drop 11M barrels: API

09:07 AM (Mecca time) Argaam
Distillate stocks fell, while gasoline inventories increased in the US: API

Distillate stocks fell, while gasoline inventories increased in the US: API

The American Petroleum Institute (API) said that US crude oil inventories decreased by 11.08 million barrels in the week ended Jan. 30.

 

The data also showed that distillate stocks fell by 4.81 million barrels, while gasoline inventories increased by 4.74 million barrels last week.

 

Official data from the Energy Information Administration are scheduled to be released later today, amid expectations that crude inventories will remain unchanged.

 

At the close of trading on Feb. 3, Brent crude futures for April delivery rose 1.55%, or $1.03, to $67.33 per barrel.

 

Meanwhile, US Nymex crude futures for March delivery gained 1.72%, or $1.07, to $63.21 per barrel.

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