US Oil Futures Erode Gains Following API Build

U.S. crude oil futures experienced a decline in post-settlement trading on Tuesday after the American Petroleum Institute (API) revealed an increase in domestic crude stocks. This comes as many investors remain optimistic about rising oil prices, hoping for a drop in crude inventories during the summer amid anticipated growth in demand.

The U.S. benchmark traded at $80.78 per barrel following the API report, having previously settled up 1.5% at $81.57 per barrel.

For the week ending June 14, crude inventories fell by approximately 2.3 million barrels, compared to a decline of 2.4 million barrels reported by the API for the prior week. Immediate economist estimates were not available.

The API report also indicated a decrease in gasoline stockpiles by 1.08 million barrels, while distillate inventories—which include diesel—rose by 538,000 barrels.

The next report is scheduled for Thursday at 10:30 a.m. EST, which is a day later than usual due to the observance of the Juneteenth holiday on Wednesday.