U.S. Crude Supplies Fell Beating Forecasts, API data

Crude oil inventories fell more than expected aligning with the prospect of supply concerns globally.

West Texas Intermediate, the U.S. benchmark, trading at $85.10 barrel on the down by 0.58%.

US crude inventories fell by 872,000 barrels for the week ended Jan. 21. That compared with a build of 1.4 million barrels reported by the API for the previous week. Economists were expecting a draw of about 400,000 barrels.

The API data also showed that gasoline inventories increased by 2.4 million barrels last week, and distillate stocks decreased by 2.2 million barrels.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 728,000 barrels last week.