API Reports 6.07 Million Barrel Draw in US Crude Oil Stocks

The American Petroleum Institute reported a 6.072 million-barrel draw in US crude oil stocks for the week ended Sunday, surpassing a Reuters forecast for a 4.1 million-barrel decline. Prior to this reading, weekly crude inventories had slipped by 765,000 barrels. The trade group, which tracks oil-market activity, also recorded a 2.106 million-barrel reduction in gasoline stocks, alongside a 2.9 million-barrel build in distillate inventories and a 503,000-barrel increase at the Cushing, Oklahoma storage hub.

Weekly inventory figures from the API serve as an early gauge of domestic supply and demand ahead of the US Energy Information Administration's official data release later this week. Larger-than-expected crude draws typically support sentiment for energy producers and refiners, indicating tighter near-term crude availability or sustained refining activity.