US Oil Futures Jump as API Reports Bigger than Expected Drop in Crude Stockpiles

U.S. crude oil futures crept higher in post-settlement trading on Tuesday following the release of the American Petroleum Institute’s weekly report. According to the report, weekly domestic crude stockpiles dropped by approximately 4 million barrels for the week ended January 3, exceeding economist expectations of a draw of 250,000 barrels. Gasoline stockpiles increased by around 7.3 million barrels, while distillate inventories climbed by 3.2 million barrels. Ahead of the Department of Energy’s report, expected on Wednesday at 10:30 a.m. ET (1530 GMT), the U.S. benchmark traded at $74.42 a barrel.