US oil inventories fall by 327,000 barrels last week: API

Gasoline inventories fell but distillate stockpiles rose: API

Commercial oil inventories in the US declined by 327,000 barrels during the week ended Sept. 4, according to estimates published by the American Petroleum Institute on Sept. 9.

Gasoline inventories fell by 1.87 million barrels, but distillate inventories – including diesel and heating oil – rose by 1.98 million barrels.

Official data from the Energy Information Administration is due to be released today, Sept. 10, and estimates indicate a 1.4 million barrel drop in crude oil inventories.

At the close of trading yesterday, Brent crude futures rose 3.36% to $101.21 a barrel, while their counterparts for US Nymex crude jumped 3.25% to $96.05 a barrel.