US crude oil stocks fall by 2.6M barrels last week: API

09:37 AM (Mecca time) Argaam
Oil tanks

Oil tanks

The US crude oil stocks fell by 2.6 million barrels in the week ended Jan. 10, figures from the American Petroleum Institute (API), showed.

 

On the other hand, the Cushing inventories increased by more than 500,000 barrels.

 

In its weekly report, API said that gasoline stocks rose by 5.4 million barrels last week, with distillate stocks, which include diesel and heating oil, increasing by nearly 4.9 million barrels.

 

At the close of Tuesday's trading, Brent crude futures for March delivery fell by 1.35%, or $1.09, to settle at $79.92 a barrel.

 

Meanwhile, WTI crude futures for February delivery declined by 1.65%, or $1.32, to $77.50 a barrel.

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