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Oil futures off lows after API data show big draw in US crude stocks

Investing.com -- U.S. crude oil futures were given a boost-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected decline in weekly domestic crude stocks.

Crude Oil WTI Futures, the U.S. benchmark, traded at $78.65 a barrel following the report after settling up 2.1% at $78.35 a barrel.

U.S. crude inventories decreased by about 5.2 million barrels for the week ended Aug. 9, compared with a build of 180,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 2 million barrels.

Gasoline stockpiles fell by 3.7M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- increased by 612,000 barrels.

The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).

Oil prices settle lower Tuesday, snapping a five-day winning streak on waning fears of the conflict in the Middle East could expand and threaten global crude supplies as a Iran signaled that it could back off plans to strike Israel should Gaza-ceasefire talks succeed.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.