U.S. oil stockpiles fell last week, adding to expectations that crude demand will likely remain resilient as the vaccine rollout continues.
U.S. crude inventories fell by 5.82 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 1.67 million barrels the previous week. Gasoline inventories rose by 1.88 million barrels and distillate stocks increased by 4.43 million barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil was $1.11 higher after settling up 92 cents at $56.58 per barrel.
The official government report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.3 million barrels last week.