Investing.com – U.S. crude oil futures saw a boost in settlement trading on Tuesday after the American Petroleum Institute reported a much bigger-than-expected drop in weekly domestic crude inventories.
the US benchmark, traded at $78.65 per barrel after the report, after rising 2.1% to $78.35 per barrel.
fell by about 5.2 million barrels for the week ending August 9, compared to an increase of 180,000 barrels reported by the API for the previous week. Economists had expected a decline of about 2 million barrels.
Gasoline inventories fell by 3.7 million barrels, while distillate inventories – the class of fuels that include diesel – increased by 612,000 barrels.
The report is expected at 10:30 a.m. EST (1530 GMT) on Wednesday.
Oil prices ease lower on Tuesday, snapping a five-day winning streak on waning fears of the Middle East conflict, which could spread and threaten global crude supplies, while Iran signaled it was abandoning plans to Attacking Israel could be scaled back if ceasefire talks in Gaza succeed.
