NewsBreak: API Says Oil Inventories Fell by 5.9M Last Week

Oct 01, 2019

Back Commodities

U.S. crude stockpiles dropped sharply last week, according to an estimate from the American Petroleum Institute released Tuesday.

The API said crude inventories dropped by 5.9 million for the week ended Sept. 27.

Analysts expect that the Energy Information Administration will report a build of 1.57 million barrels when it issues numbers tomorrow morning. The EIA numbers are due at 10:30 AM ET (14:30 GMT).

WTI futures were down 0.2% at $53.97 following the release, after settling down 0.8% today in regular trading.

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