Oil storage tanks at a US energy facility
US gasoline inventories fell sharply last week, along with a slump in crude oil and refined product stocks, latest data from the American Petroleum Institute (API) showed. 
Commercial crude inventories fell by 1.79 million barrels in the week ended April 24, contrary to expectations for a 300,000-barrel increase, API said in a report issued on April 28.
Gasoline inventories also dropped by 8.47 million barrels over the same period, while distillate stocks — including diesel and heating oil — declined by 2.6 million barrels.
These estimates reflect stronger fuel demand in the world’s largest economy. Official data from the Energy Information Administration are due on April 29, with expectations for a 100,000-barrel decline in crude inventories.
At Tuesday’s settlement, Brent crude futures for June delivery rose 2.80%, or $3.03, to $111.26 a barrel, while US Nymex crude futures jumped 3.69%, or $3.56, to $99.93 a barrel.
The API report indicated that US crude inventories increased by 45 million barrels year to date.
Oil storage tanks at a US energy facility
US gasoline inventories fell sharply last week, along with a slump in crude oil and refined product stocks, latest data from the American Petroleum Institute (API) showed.
Commercial crude inventories fell by 1.79 million barrels in the week ended April 24, contrary to expectations for a 300,000-barrel increase, API said in a report issued on April 28.
Gasoline inventories also dropped by 8.47 million barrels over the same period, while distillate stocks — including diesel and heating oil — declined by 2.6 million barrels.
These estimates reflect stronger fuel demand in the world’s largest economy. Official data from the Energy Information Administration are due on April 29, with expectations for a 100,000-barrel decline in crude inventories.
At Tuesday’s settlement, Brent crude futures for June delivery rose 2.80%, or $3.03, to $111.26 a barrel, while US Nymex crude futures jumped 3.69%, or $3.56, to $99.93 a barrel.
The API report indicated that US crude inventories increased by 45 million barrels year to date.
