U.S. oil futures are higher despite lower-than-expected API draw by Investing.com

Investing.com — U.S. crude oil futures were higher in post-settlement trade despite the American Petroleum Institute reporting a smaller-than-expected decline in weekly domestic crude inventories as geopolitical tensions rose from the Middle East continued to provide support.

the US benchmark recently traded at $70.75 a barrel following the report, after settling up 2.4% at $69.83 a barrel. Oil prices were supported by growing fears of supply disruptions in the Middle East after Iran launched a missile attack on Israel, with the latter vowing to retaliate.

fell by about 1.46 million barrels for the week ended Sept. 27, compared with a 4.3 million barrel draw reported by the API for the previous week. Economists had expected a decline of about 2.1 million barrels.

Gasoline stocks rose by about 909,000 barrels, while distillate stocks — the fuel class that includes diesel and — fell by 2.67 million barrels.

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