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API: US oil stocks fell by 5.8 million barrels

Adel 16 November, 2022 2:45 pm Market Update

The American Petroleum Institute said that oil inventories fell by 5.8 million barrels in the week ending on the eleventh of November.

The American Institute stated in its weekly report that gasoline stocks rose by 1.7 million barrels, and distillate stocks rose by 850 thousand barrels.

Today, Wednesday, the US Energy Information Administration is scheduled to release official data on inventories, amid expectations that crude stocks will decline by about two million barrels.

And oil prices rose when trading settled on Tuesday, as Brent crude futures for January delivery rose by 0.8% at $93.86 a barrel upon settlement, and US West Texas crude for December delivery increased by 1.2%, recording $86.92 a barrel.

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