US Crude Inventories Drop by 1.6 Million, API Reports

U.S. crude inventories for the week ending January 28, 2022, dropped by 1.6 million barrels, according to the report from the American Petroleum Institute (API) on Tuesday. The report also indicates that inventories at the Cushing delivery hub, Oklahoma, also dropped by 1 million barrels. Meanwhile, the report shows a climb of 5.8 million barrels for gasoline during the week.

Inventory data from the Energy Information Administration will be released Wednesday. According to the survey, crude inventories are expected to rise by 1.1 million barrels and a rise by 1.7 million barrels for gasoline.

Brent crude rose slightly by 0.25% to $89.38 a barrel as of 11:25 local time in Thailand. Meanwhile, the West Texas Intermediate (WTI) rose 0.24% to $88.41 per barrel.