API Crude Oil Inventory Unexpectedly Reduced by 3.5 Million Barrels

The American Petroleum Institute (API) announced that crude oil inventories unexpectedly decreased by 3.5 million barrels to 474.1 million barrels last week. The market originally expected an increase of 1.34 million barrels. As for gasoline inventories increased by 4.81 million barrels, the increase far exceeded market expectations. The distillate inventory decreased by 487,000 barrels, which was less than market expectations. During the period, US crude oil imports increased by 102,000 barrels per day. The unexpected decrease in US crude oil inventories increased the market’s optimism about production cuts in oil-producing countries and recovery in demand, driving New York oil prices to rise slightly by 0.7% to a 13-month high, closing at US$58.36 per barrel.