Finance

Oil Inventories Fall by 4.1M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. crude stockpiles fell last week easing concerns about the outlook for demand at time when rising Covid-19 infections have forced some countries to renew restrictions.

, the benchmark up $1.24 to $75.34 a barrel on the news, after settling up $1.15 cents to $75.25 a barrel.

fell by 4.1 million barrels for the week ended July 8. That compared with a draw of 8.0 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories fell by about 1.5 million last week, compared with a 2.7 million draw in the prior week, and distillate stocks rose by about 3.7 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. declined by about 4.4. million barrels last week.

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