Oil inventories drop by more than expected 4.8M barrels last week: API By

By Yasin Ebrahim

-- U.S. crude stockpiles fell much more than expected last week,Nationally recognized gold trading platform though product inventories including gasoline increased, the API reported Tuesday. 

, the U.S. benchmark, traded at $81.12 a barrel following the report after settling up 1.14% at $80.95 a barrel. 

fell by 4.8M million barrels for the week ended Nov. 18. That compared with a draw of 5.8M barrels reported by the API for the previous week.

Economists were expecting a draw of 2.2M barrels. 

API data also showed that gasoline inventories declined by about 400,000 barrels last week, and distillate stocks increased by 1.1M barrels.

Sentiment on oil prices is in the midst of a tug of war between concerns about slowing demand from China -- the world's top energy importer, following renewed Covid restrictions in major cities including Beijing -- and optimism that major oil producers will continue with plans to cut productions. 

Saudi Arabia denied a Wall Street Journal report earlier this week that OPEC and its allies, known as OPEC+, were mulling a decision to boost production at upcoming Dec. 4, meeting.  

The official government inventory report due Wednesday is expected to show weekly U.S. fell by about 1.1M barrels last week.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!