On Tuesday, December 9th, data released by the American Petroleum Institute (API) showed that US crude oil inventories decreased last week, while gasoline and distillate inventories increased.

API data shows that as of the week ending December 5th, US crude oil inventories decreased by 4.78 million barrels. Gasoline inventory increased by 7 million barrels, and distillate inventory increased by 1.03 million barrels compared to a week ago.

Analysts previously expected that crude oil inventories would decrease by about 2.3 million barrels last week, gasoline inventories would increase by about 2.8 million barrels, and distillate oil inventories would increase by about 1.9 million barrels.

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