API Reports U.S. Crude Oil Inventories Post Sharp Decline
(MENAFN) The American Petroleum Institute (API) revealed on Tuesday that U.S. crude oil stocks declined by 4.277 million barrels during the week ending June 20. This drop significantly exceeds analyst expectations, which had forecasted a modest decrease of 600,000 barrels.
In comparison, the previous week saw a much larger reduction, with inventories falling by 10.133 million barrels, according to API data.
Meanwhile, oil prices tumbled roughly 6 percent on Tuesday, marking a two-week low amid ongoing supply interruptions in the Middle East. Brent crude futures plunged 6.1 percent, settling at $67.14 per barrel, while West Texas Intermediate crude dropped 6 percent to $64.37 per barrel.
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