US oil futures unchanged with smaller drop in crude oil inventories in API inventory report
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Investing.com — U.S. crude futures were virtually unchanged from post-settlement levels on Tuesday, despite the American Petroleum Institute reporting a smaller-than-expected drop in weekly domestic crude inventories.
Crude Oil WTI Futures, the U.S. indicator, traded at $63.30 per barrel following the report, having previously closed down 2.4% at $63.25 per barrel.
For the week ending Aug. 23, U.S. crude oil inventories declined by 974,000 barrels, below the 2.4 million barrel drop the API reported for the previous week. This figure failed to meet the expectation of a 1.7 million barrel decline.
The official government inventory report will be released on Wednesday at 10:30am (1430 GMT) local time.
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