U.S. crude oil futures inched up from post-settlement levels Tuesday after the American Petroleum Institute showed a much larger draw than expected in U.S. weekly crude supplies.
Crude Oil WTI Futures, the U.S. benchmark, recently traded at $60.19 a barrel following the report after settling down 1.9% lower at $60.15 barrel.
U.S. crude inventories fell by about 4M barrels for the week ended Oct. 21, compared with a draw of about 3M barrels reported by the API for the previous week. The draw was larger than expectations for a decline of about 2.9 barrels.
Gasoline stockpiles decreased by 6.3M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- fell by about 4.4M barrels.
The official government inventory report is due Wednesday at 10:30 a.m. ET (1430 GMT).
