Oil Inventories Fall by 5.82M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. oil stockpiles fell last week, adding to expectations that crude demand will likely remain resilient as the vaccine rollout continues.

fell by 5.82 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 1.67 million barrels the previous week. Gasoline inventories rose by 1.88 million barrels and distillate stocks increased by 4.43 million barrels. 

, the U.S. benchmark for oil was $1.11 higher after settling up 92 cents at $56.58 per barrel.

The official government report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.3 million barrels last week. 

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