Oil futures fall after API data shows surprise draw in U.S. crude stocks by Investing.com

Investing.com — U.S. crude oil futures edged past post-settlement trading lows on Tuesday after the American Petroleum Institute reported a surprise drop in weekly domestic crude inventories.

the US benchmark recently traded at $66.31 a barrel following the report, after falling 4.3% to $65.75 a barrel.

fell about 2.8 million barrels for the week ended Sept. 6, compared with a draw of 7.4 million barrels reported by the API for the previous week. Economists had expected an increase of about 0.7 million barrels.

Gasoline stocks fell by about 513,000 barrels, while distillate stocks — the fuel class that includes diesel and — rose by 191,000 barrels.

The report will take place on Wednesday at 10:30 AM EST (1530 GMT).

“We forecast U.S. crude oil inventories to rise by 0.3 million (barrels) for the week ending September 6,” Macquarie said in a recent note.