American Petroleum Institute: US oil inventories fall by more than 9 million barrels

Data released by the American Petroleum Institute (API) early Wednesday morning revealed a sharp drop in US crude oil inventories, despite a rise in fuel and distillate stockpiles last week.

The data showed that crude oil inventories fell by 9.3 million barrels during the week ending December 12, compared to analysts' expectations of a 1.9 million barrel decline.

Gasoline inventories rose by 4.8 million barrels, and distillate stockpiles—which include diesel and heating oil—increased by 2.5 million barrels during the same period.

By the close of trading on Tuesday, Brent crude futures for February 2026 delivery fell 2.70%, or $1.64, to $58.92 per barrel.

WTI crude futures for January 2026 delivery also declined, dropping 2.75%, or $1.55, to $55.27 per barrel.