U.S. Crude Stocks Edge Lower, Defying Forecasts
(MENAFN) The American Petroleum Institute (API) on Tuesday announced a decline of 370,000 barrels in U.S. crude oil inventories for the week ending June 6—defying analyst projections of a 700,000-barrel increase.
This follows a significantly larger draw of 3.3 million barrels reported by the API the previous week.
The weekly API report serves as a key indicator of petroleum supply levels, offering insights into the state of U.S. oil demand and market dynamics.
Oil prices edged slightly lower on Tuesday amid the inventory data.
West Texas Intermediate (WTI) crude for July delivery slipped by 31 cents, or 0.47%, closing at $64.98 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for August delivery fell by 17 cents, or 0.25%, settling at $66.87 per barrel on the London ICE Futures Exchange.
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