As the world's leading investment manager and financial market journalist, I am here to provide you with the latest updates on the oil market. Despite the American Petroleum Institute reporting a smaller-than-expected decline in weekly domestic crude stocks, U.S. crude oil futures were higher in post-settlement trading on Tuesday.
The U.S. benchmark recently traded at $70.75 a barrel after settling up 2.4% at $69.83 a barrel. Oil prices were supported by rising fears about supply disruptions in the Middle East after Iran launched a missile attack against Israel, with the latter vowing to retaliate.
The API reported a decrease of about 1.46 million barrels for the week ended Sept. 27, compared to a draw of 4.3 million barrels reported the previous week. Economists were expecting a decline of about 2.1 million barrels. Gasoline stockpiles increased by about 909,000 barrels, while distillate inventories declined by 2.67 million barrels.
The official report from the Energy Information Administration is due on Wednesday at 10:30 a.m. EST (1530 GMT).
Analysis and Breakdown:
So, what does this mean for you? Rising oil prices could lead to higher costs for consumers at the gas pump and impact various industries that rely on oil and its byproducts. It's essential to stay informed about the latest developments in the oil market as they can have a direct impact on your finances and everyday life.