Oil Futures Steady After API Report Highlights Larger-Than-Expected Crude Draw

U.S. crude oil futures showed minimal movement in post-settlement trading on Tuesday, following a report from the American Petroleum Institute indicating a more significant decline in domestic crude stocks than anticipated.

The U.S. benchmark was recently priced at $71.50 per barrel, just after settling with a 1.7% increase at $71.56 per barrel.

For the week ending September 20, crude oil supplies decreased by approximately 4.3 million barrels, contrasting with a reported build of 2 million barrels from the previous week. Economists had predicted a decline of about 1.1 million barrels.

Gasoline inventories also saw a reduction, falling by around 3.4 million barrels, while distillate stocks, which include diesel, dropped by 1.1 million barrels.

A new report is expected to be released on Wednesday at 10:30 a.m. EST.