Oil tanks
US crude oil inventories fell in the week ended May 12, according to estimates released on May 12 by the American Petroleum Institute (API). 
Commercial crude stockpiles declined by 2.18 million barrels during the week, compared with market expectations for a decline of 1.65 million barrels only.
Gasoline inventories rose by 502,000 barrels, while distillate inventories, including diesel and heating oil, fell by 319,000 barrels, the report showed.
Official data from the US Energy Information Administration is due today, May 13. Analysts expect crude inventories to decline by 2.3 million barrels, marking a third consecutive weekly drop.
On Tuesday, Brent crude futures for July delivery settled 3.42%, or $3.56, higher at $107.77 a barrel. US WTI crude futures for June delivery gained 4.19%, or $4.11, to settle at $102.18 a barrel.
The API report also showed that US commercial crude inventories are up by 35 million barrels year to date.
Oil tanks
US crude oil inventories fell in the week ended May 12, according to estimates released on May 12 by the American Petroleum Institute (API).
Commercial crude stockpiles declined by 2.18 million barrels during the week, compared with market expectations for a decline of 1.65 million barrels only.
Gasoline inventories rose by 502,000 barrels, while distillate inventories, including diesel and heating oil, fell by 319,000 barrels, the report showed.
Official data from the US Energy Information Administration is due today, May 13. Analysts expect crude inventories to decline by 2.3 million barrels, marking a third consecutive weekly drop.
On Tuesday, Brent crude futures for July delivery settled 3.42%, or $3.56, higher at $107.77 a barrel. US WTI crude futures for June delivery gained 4.19%, or $4.11, to settle at $102.18 a barrel.
The API report also showed that US commercial crude inventories are up by 35 million barrels year to date.
