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U.S. crude oil futures dropped in after-hours trading on Tuesday following a report from the American Petroleum Institute (API) indicating a smaller-than-expected decline in domestic crude inventories.
The U.S. benchmark, West Texas Intermediate (WTI) crude, recently traded at $76.91 a barrel after closing 1.7% lower at $77.50.
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According to the API, U.S. crude inventories decreased by approximately 2.6 million barrels for the week ending January 10, less than the 4 million barrels drawn down the previous week. Economists had forecasted a decline of 3.5 million barrels.
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Gasoline stockpiles rose by about 5.4 million barrels, while distillate inventories, which include diesel and heating oil, increased by 4.9 million barrels.
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