Breaking News: U.S. Crude Oil Futures Rebound After API Reports Surprise Decline in Weekly Stocks
In a stunning turn of events, U.S. crude oil futures have bounced back in post-settlement trading following the release of the latest data from the American Petroleum Institute. The unexpected drop in domestic crude stocks has sent shockwaves through the market, with the U.S. benchmark now trading at $66.31 a barrel, up from a low of $65.75.
According to the API report, crude inventories decreased by approximately 2.8 million barrels for the week ending September 6. This comes as a surprise to economists, who were anticipating an increase of 0.7 million barrels. In addition, gasoline stockpiles saw a decline of 513,000 barrels, while distillate inventories rose by 191,000 barrels.
Investors are eagerly awaiting the official EIA report, which is scheduled to be released on Wednesday at 10:30 a.m. EST. Analysts at Macquarie are forecasting a slight increase of 0.3 million barrels in U.S. crude inventories for the same week.
This unexpected turn of events in the oil market could have significant implications for investors and traders alike. Stay tuned for further updates as the situation continues to unfold.
Analysis: The surprise decline in U.S. crude oil stocks has caused a spike in prices, signaling potential opportunities for investors to capitalize on the market volatility. Keep a close eye on upcoming reports and market trends to make informed decisions about your investments.