API sees 4.8 million barrel fall in U.S. oil inventories: reports

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The American Petroleum Institute on Tuesday reported that U.S. crude inventories fell 4.8 million barrels last week, news reports said. API reportedly saw a 718,000 barrel drop in gasoline inventories and a 1.88 million barrel fall in distillate stocks. Official figures from the Energy Information Administration are due Wednesday morning. Analysts surveyed by S&P Global Platts, on average, look for crude stocks to fall by 3.8 million barrels, while gasoline inventories are expected to show a rise of 2.3 million barrels and distillate stocks are seen up 1.3 million barrels. West Texas International crude for February delivery was changing hands at $48.10 a barrel in electronic trade, up from its earlier settlement at $48 ahead of the API data.
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