Investing.com – U.S. crude oil futures hit record lows in post-settlement trading on Tuesday after the American Petroleum Institute reported a surprise decline in weekly domestic crude stocks.
the US benchmark, recently traded at $66.31 per barrel after the report, having fallen 4.3% to $65.75 per barrel.
fell by about 2.8 million barrels for the week ended September 6, compared to a decline of 7.4 million barrels reported by the API for the previous week. Economists had expected an increase of about 0.7 million barrels.
Gasoline inventories fell by about 513,000 barrels, while distillate inventories – the class of fuels that include diesel – rose by 191,000 barrels.
The report is expected at 10:30 a.m. EST (1530 GMT) on Wednesday.
‘We forecast that US crude oil inventories will rise by 0.3 million [barrels] for the week ending September 6,” Macquarie said in a recent note.
