US oil inventories down 4.2M barrels last week: API
US crude oil inventories fell last week, along with a decline in gasoline and distillate stockpiles, indicating a rebound in fuel demand ahead of the Memorial Day holiday, the American Petroleum Institute (API) report showed.
Crude oil inventories fell by 4.23 million barrels during the week ended May 23, compared to analyst expectations for a one million-barrel increase, the data revealed.
Gasoline stocks fell by 528,000 barrels, while distillate stockpiles—which include diesel and heating oil—declined by 1.295 million barrels.
Meanwhile, Brent crude futures for July delivery rose 1.26%, or 81 cents, to close at $64.90 a barrel on May 28. West Texas Intermediate (WTI) crude futures for July delivery gained 1.56%, or 95 cents, to $61.84 a barrel.
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