Crude Inventories Fell by 5.9M Barrels

U.S. oil inventories fell last week by more than the market anticipated, according to the American Petroleum Institute’s estimate released late Tuesday.Crude stockpiles dropped by 5.9 million barrels for the week ended Jan. 3, the API reported, compared with a plunge of about 11.5 million barrels reported for the week before.The Energy Information Administration is expected to report a drop of about 3.6 million barrels when it issues official numbers tomorrow, according to analysts, WTI futures were down about 0.8% after the API numbers came out.

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