U.S. Oil Inventories Down 3.5 M Barrels: API

Crude oil inventories in the United States declined by 3.5 million barrels last week, according to the weekly report of the American Petroleum Institute (API) released on Tuesday.

During the week ending February 5, gasoline stockpiles rose by 4.8 million barrels, while distillate inventories decreased by 487,000 barrels.

It is worth noting that the more accurate inventory data by the U.S. Energy Information Administration (EIA) is due on Wednesday.