API: Crude Oil Inventories Post Steep Decline
(MENAFN) The American Petroleum Institute (API) revealed on Tuesday that U.S. crude oil inventories plummeted by 10.133 million barrels during the week ending June 13, a steep decline that far surpassed market expectations. Analysts had forecasted a modest reduction of just 0.600 million barrels for the period.
In contrast, the previous week saw a much smaller decrease, with inventories dropping by only 0.370 million barrels, according to API data.
This substantial inventory draw helped drive oil prices sharply higher on Tuesday. West Texas Intermediate (WTI) crude for July delivery surged by $3.07, a 4.28% gain, closing at $74.84 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for August delivery climbed $3.22, or 4.4%, ending the day at $76.45 per barrel on the London ICE Futures Exchange.
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