The API report showed higher stockpile levels in the US, the highest since 1999 last week, where distillate fuel that include heating gained by 1.3 million barrels. Meanwhile, the institute stated that motor gasoline notably receded last week after several roads are blocked due to heavy snow.
Attention today is set on the EIA report, which was expected to show 1.5 million barrels buildup compared to the unexpected incline last week by 2.4 million barrels. The rising inventories expectations are increasing downside pressures on oil prices forcing them to decline.
The EIA report is expected to be released today at 16:00 GMT a day after its original weekly date, after the US celebrated the start of last week with President's Day.
Meanwhile, the US dollar gained against the euro in the U.S yesterday, after the FOMC Minutes signaled that the Feds are likely to be the first central bank to halt all incentive plans and tighten its monetary policy, following the economic crisis engulfed the US economy.
In NYMEX as of 03:15 EST; heating contracts dropped to record $199.200 per gallon by $1.0470; motor gasoline is trading around $199.650 per gallon after down by $1.060; whereas natural gasoline contracts followed and fell $0.008 to record $5.378 per 1000 cubic feet. In London, Brent contracts declined by $0.570 to record $75.700.
Crude opened today at $77.30 per barrel, recording the highest at $77.30 and lowest at $76.30 per barrel, while currently trading around $76.45 per barrel.