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1/11, 10:33 PM (Source: TeleTrader)
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US oil inventories fall by 1.1M barrels - report

United States crude inventories decreased last week, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles dropped by 1.1 million barrels. Reserves in the industry hub in Cushing, Oklahoma, dropped by 3.6 million barrels.

Meanwhile, the report is also said to have shown a jump of 10.8 million barrels in gasoline inventories and a 3 million plunge in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

Oil prices continued to rise after the report was released. Brent for March delivery increased 3.21% to sell for $83.60 per barrel at 4:30 pm ET and West Texas Intermediate (WTI) for settlements in February jumped 3.65% to go for $81.30 per barrel at the same time.

Baha Breaking News (BBN) / NP