US oil inventories fall by 4.7M barrels last week: API

Crude oil inventories in the US fell by 4.7 million barrels during the week ended Dec. 13, data from the American Petroleum Institute (API) showed.

Meanwhile, inventories at the Cushing delivery hub - the largest storage center in the United States - increased by 800,000 barrels. 

Moreover, gasoline stocks surged by 2.4 million barrels during the past week, and distillate stocks (including diesel and heating oil) rose by about 700,000 barrels.

Brent crude futures for February 2025 delivery declined by 1%, or 72 cents, to $73.19 per barrel.

Futures contracts for US West Texas Intermediate (WTI) crude oil for January 2025 delivery decreased by 0.9%, or 63 cents, to $70.08 per barrel.

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