FINANCE

Oil prices fell 6.1 barrels last week: API by Investing.com


Reuters

Written by Yasin Ibrahim

Investing.com – U.S. crude stocks fell more than expected last week amid a gradual recovery from hurricane Ida.

After the barrel settled at 27 0.27 to .5 70.56 per barrel, the news rose to .8 70.84 a barrel.

In the week ended September 17, it fell by about 6.1 million barrels. This is compared to the 5.4 million barrel draw reported by the API the previous week. Economists had expected a draw of about 2.4 million barrels.

About one-fifth of crude production in the Gulf of Mexico is offline about three weeks after Hurricane Ida hit the Louisiana Gulf coast.

The API also showed that petrol inventory fell about 432,000 barrels last week and distilled stocks fell about 2.7 million barrels.

The weekly U.S. is expected to drop about 2.4 million barrels last week, according to the official inventory report on Wednesday.

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