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Petroleum Institute: US oil stocks fell 1.3 million barrels

Adel 19 October, 2022 1:37 pm Commodities, Market Update

The American Petroleum Institute said that crude oil inventories fell by 1.3 million barrels in the week ending on the fourteenth of October.

According to the weekly report of the American Institute, gasoline stocks in the United States decreased by 2.2 million barrels last week, and distillate stocks fell by 1.1 million barrels.

On Wednesday, the US Energy Information Administration is scheduled to release official data on inventories, amid expectations that crude inventories will rise by 2.5 million barrels.

Oil prices fell when they settled on Tuesday, as Brent crude futures for December delivery fell 1.7% to $90.03 a barrel, and US West Texas crude for November delivery fell 3.1% to $82.82 a barrel.

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