U.S. Crude Oil Futures Update

U.S. crude oil futures recovered from lows in post-settlement trading on Tuesday after the American Petroleum Institute (API) reported an unexpected decline in weekly domestic crude stocks.

Crude Oil WTI Futures, the U.S. benchmark, was recently trading at $66.31 a barrel, following a settlement down 4.3% at $65.75 a barrel.

U.S. crude inventories decreased by approximately 2.8 million barrels for the week ended September 6, compared to a draw of 7.4 million barrels reported by the API the previous week. Economists had anticipated an increase of about 0.7 million barrels.

Gasoline stockpiles fell by around 513,000 barrels, while distillate inventories—comprising diesel and heating oil—rose by 191,000 barrels.

The official government inventory report is set to be released on Wednesday at 10:30 a.m. EST (1530 GMT).

In a recent note, Macquarie forecasted that U.S. crude inventories will rise by 0.3 million barrels for the week ending September 6.