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U.S. crude oil inventories down last week: API

The American Petroleum Institute (API) on Tuesday reported a decrease of 1.622 million barrels of crude oil in the U.S. crude oil inventories for the week ending Aug. 20.

API reported a draw of 1.163 million barrels with the previous week.

Economists were expecting a draw of about 2.367 million barrels.

Oil prices rose on Tuesday, extending the massive gains they had scored in the prior session.

The West Texas Intermediate (WTI) for October delivery added 1.9 U.S. dollars, or 2.9 percent, to settle at 67.54 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 2.3 dollars, or 3.3 percent, to close at 71.05 dollars a barrel on the London ICE Futures Exchange.

On Monday, the WTI and Brent jumped 5.6 percent and 5.5 percent, respectively.

The API reports inventory levels of U.S. crude oil, gasoline and distillates stocks. The figure shows how much oil and product is available in storage and thus gives an overview of U.S. petroleum demand.
Source: Xinhua

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