US oil futures slip on blended API report as crude shares fall, however gasoline rises

Investing.com — U.S. crude oil futures had been dipped in post-settlement buying and selling Tuesday after the American Petroleum Institute reported a larger-than-expected decline in weekly home crude inventories, although gasoline shares ticked up.

Crude Oil WTI Futures, the U.S. benchmark, just lately traded at $69.80 a barrel following the report after settling down 0.9% at $70.08 a barrel.

U.S. crude inventories fell by about 4.7M barrels for the week ended Dec, 13 in contrast with a construct of 499,000 barrels reported by the API for the earlier week. Economists had been anticipating a draw of 1.9M barrels.

Gasoline stockpiles elevated by about 2.4M barrels, whereas distillate inventories — the category of fuels that features diesel and heating oil — climbed by 700,000 barrels.

The official authorities stock report is due Wednesday at 10:30 a.m. EST (1530 GMT).