Oil Inventories Fall by 4.875M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. oil stockpiles fell last week, easing worries over the energy demand outlook amid a new strain of Covid-19 that could further curb international travel. 

fell by 4.785 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 2.7 million barrels the previous week. Gasoline inventories fell by 131,000 and distillate stocks fell by 1.88 million barrels. 

, the U.S. benchmark for oil was 1.3% higher after settling up 0.8% at $48 per barrel.

Official government report due Wednesday expected to show weekly U.S. crude supplies decreased by about 2.6 million barrels last week. 

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