US oil inventories down by 1.0 million barrels - reports
Crude inventories in the United States fell by 1 million barrels in the week ending March 12, private data from the American Petroleum Institute (API) reportedly showed on Tuesday.
Meanwhile, gasoline stockpiles in the US declined by 926,000 barrels during the same week, while the country's distillate reserves rose by 904,000 barrels.
Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday. On average, the EIA is expected to show crude inventories up by 400,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 1.4 million barrels for gasoline and 900,000 barrels for distillates.
Oil prices slid after the report was released. Brent for May delivery fell 1.34 percent to sell for 67.21 dollars per barrel and West Texas Intermediate (WTI) for settlements in April lost 1.67 percent to go for 63.71 dollars per barrel.
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