US oil futures little changed after surprise API build

Investing.comAug 21, 2024 1:08 AM

Investing.com -- U.S. crude oil futures was little changed post-settlement trading Tuesday after the American Petroleum Institute reported a surprise rise in weekly domestic crude stocks.

Crude Oil WTI Futures, the U.S. benchmark, traded at $73.12 a barrel following the report after settling down 0.4%% at $74.04 a barrel.

U.S. crude inventories increased by about 347,000 barrels for the week ended Aug. 16, compared with a draw of 5.2M barrels reported by the API for the previous week. Economists were expecting a decline of about 2.8M barrels.

Gasoline stockpiles fell by about 1M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- fell by 2.2M barrels.

The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.