API: Oil inventories record a greater than expected drop last week

Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States fell more than expected last week, while gasoline and distillate stocks recorded a decrease, contrary to expectations.

The data indicated that crude inventories fell by 4.8 million barrels in the week ending on the twenty-fifth of December to 492.9 million barrels, exceeding the expectations of analysts polled by Reuters for a decrease of 2.6 million barrels.

The Petroleum Institute said crude stocks at the delivery center in Cushing, Oklahoma, increased by 131,000 barrels.

The institute data showed that gasoline stocks decreased by 718 thousand barrels, in contrast to analysts’ expectations, which were indicating an increase of 1.7 million barrels.

Distillate stocks, which include diesel and heating oil, fell 1.9 million barrels, against expectations for an increase of 529,000 barrels.

The data showed that last week, US imports of crude oil fell by 204 thousand barrels per day.