Oil storage tanks are seen at a crude oil facility. US crude inventories fell by 8.33 million barrels last week, according to estimates from the API.
US commercial crude oil inventories fell by 8.33 million barrels in the week ended June 12, according to estimates released by the American Petroleum Institute (API). 
In a report issued on June 16, the API said the decline exceeded market expectations for a draw of about 3.5 million barrels.
Gasoline inventories rose by 2.47 million barrels during the week, while distillate stockpiles, which include diesel and heating oil, dropped by 461,000 barrels.
Official data from the US Energy Information Administration (EIA) is due on June 17. Analysts expect crude inventories to have declined by 3.5 million barrels, which would mark an eighth consecutive weekly draw.
The report said US companies have withdrawn 52 million barrels from oil inventories over the past nine weeks, reducing total commercial crude stockpiles by 1.4 million barrels since the beginning of 2026.
At Tuesday’s settlement, August Brent crude futures fell 5%, or $4.21, to settle at $78.96 per barrel, while July WTI crude futures declined 5.82%, or $4.70, to $76.05 per barrel.
Oil storage tanks are seen at a crude oil facility. US crude inventories fell by 8.33 million barrels last week, according to estimates from the API.
US commercial crude oil inventories fell by 8.33 million barrels in the week ended June 12, according to estimates released by the American Petroleum Institute (API).
In a report issued on June 16, the API said the decline exceeded market expectations for a draw of about 3.5 million barrels.
Gasoline inventories rose by 2.47 million barrels during the week, while distillate stockpiles, which include diesel and heating oil, dropped by 461,000 barrels.
Official data from the US Energy Information Administration (EIA) is due on June 17. Analysts expect crude inventories to have declined by 3.5 million barrels, which would mark an eighth consecutive weekly draw.
The report said US companies have withdrawn 52 million barrels from oil inventories over the past nine weeks, reducing total commercial crude stockpiles by 1.4 million barrels since the beginning of 2026.
At Tuesday’s settlement, August Brent crude futures fell 5%, or $4.21, to settle at $78.96 per barrel, while July WTI crude futures declined 5.82%, or $4.70, to $76.05 per barrel.
