Oil inventories drop 1 million barrels last week, gas inventories jump: API by Investing.com

By Yasin Ebrahim

Investing.com – U.S. crude inventories fell less than expected last week and inventories of commodities, including gasoline, jumped, indicating weaker fuel demand, American Petroleum Institute data shows released Tuesday.

, the US benchmark, traded at $ 81.27 per barrel on the news, after rising 3.5% to $ 83.72 per barrel.

fell about 1.0 million barrels for the week ended Jan. 7. This compares to a 6.4 million barrels draft reported by API for the previous week. Economists were expecting a draft of around 2.0 million barrels.

API data also showed gasoline inventories increased by 11 million barrels last week and distillate inventories increased by 3.0 million barrels.

The official government inventory report due Wednesday is expected to show the United States fell about 1.9 million barrels last week.

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