Crude Oil Prices Could Decline Furthur, Says Industry Report

Crude oil West Texas Intermediate held near $72 a barrel as trading volumes lowered ahead of holiday season, citied by industry report which pointed toward another decline in U.S. crude inventories.

The WTI crude oil futures jumped by 0.65% to $71.57 a barrel tracking gains in other major asset classes after a two-day jump. Brent futures on the other hand jumped 0.53% to $74.65 on Tuesday morning.

The American Petroleum Institute reported crude oil stockpiles fell by 3.67 million barrels last week. The official data from the state will be released on Wednesday which would a fourth weekly draw.

Oil price has been flat in the last few months amid concerns on demand. Consumption in Asia has also softened.

According to API data U.S. gasoline stockpiles increased by 3.7 million barrels last week while crude inventories at the key storage hug of Crushing rose by 1.27 million barrels.