US crude oil inventories down 1.5M barrels last week: API

Oil tanks

Crude oil inventories in the US fell by 1.5 million barrels last week, despite a 700,000-barrel increase in inventories at the Cushing delivery center—the largest storage center in the country, data from the American Petroleum Institute (API) showed.

Gasoline stocks rose by 900,000 barrels during the week ended Sept. 27, while distillate stocks— including diesel and heating oil—fell by about 2.7 million barrels.

Meanwhile, Brent crude futures for December delivery (the most active) jumped 2.6%, or $1.86, to close at $73.56 a barrel on Oct. 1.

WTI crude futures for November delivery rose 2.45%, or $1.66, to $69.83 per barrel.