US oil futures rise from settlement lows as API shows fall in crude stocks

Investing.com -- U.S. crude oil futures rose slightly from post-settlement levels Tuesday after the American Petroleum Institute reported a surprise decline in weekly domestic crude inventories, though sentiment remains fragile amid growing fears about an OPEC+ output hike.

Crude Oil WTI Futures, the U.S. benchmark, recently traded at $62.43 a barrel following the report after settling down 1.7% at $62.37 barrel. The lower settlement on Tuesday came as investors digested reports that OPEC+ is mulling a larger oil output hike for November, adding to concerns about an oversupply in the market.

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U.S. crude inventories fell by about 3.7M barrels for the week ended Sept. 26, compared with a draw of 3.8M barrels reported by the API for the previous week. That confounded expectations for a build of about +1 million barrels.

The official government inventory report is due Wednesday at 10:30 a.m. EDT (1430 GMT).

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