Breaking News: U.S. Crude Oil Futures Dip After API Report Shows Unexpected Build in Gasoline Stocks
In the latest post-settlement trading session, U.S. crude oil futures saw a slight decrease following a mixed report from the American Petroleum Institute. While there was a smaller than expected build in weekly domestic crude stocks, there was an upside surprise in gasoline stocks.
The U.S. benchmark traded at $73.03 a barrel after settling up 0.36% at $73.20 a barrel. Crude inventories increased by about 180,000 barrels, a stark contrast to the previous week's draw of 4.5 million barrels. Economists were anticipating an increase of 850,000 barrels. Gasoline stockpiles rose by 3.31 million barrels, while distillate inventories increased by 1.22 million barrels.
As the peak summer demand season comes to a close, refiners are expected to slow down for maintenance in the fall. The market awaits the official EIA report on Wednesday at 10:30 a.m. EST.
Oil prices climbed higher on Tuesday amid fears of potential supply disruptions, as speculations arise regarding a potential retaliation from Iran against Israel following the recent killing of a Hamas leader in Tehran.
In conclusion, investors should keep a close eye on the fluctuating oil market and be prepared for potential shifts in prices based on supply and demand dynamics. Stay informed to make well-informed decisions about your investments and financial strategies.