Data from the American Petroleum Institute show that US crude inventories fell by 6.4 million barrels last week. Gasoline stocks increased by 869,000 barrels, while distillate supplies were down by 1.7 million barrels.

Global oil demand is strong enough to absorb the surging stream of US oil flooding foreign markets, according to Glencore, the world's No. 2 crude trader. Glencore Head of Oil Trading Alex Beard expects global oil demand to grow by up to 1.2 million barrels per day in 2018, marking a decline from this year's growth rate of about 1.5 million barrels per day.

US crude inventories posted a decline of 3.6 million barrels in the week ended Friday, according to the American Petroleum Institute. However, gasoline inventories soared by 1.4 million barrels, while distillate supplies climbed by almost 2.1 million barrels.

US crude stockpiles surged by 2.8 million barrels in the week ended Friday, according to the American Petroleum Institute. Gasoline supplies climbed by 1.8 million barrels, while distillates posted a decline of 1.5 million barrels.

US crude inventories shrank by 1.3 million barrels in the week ended Friday despite expectations for a 125,000-barrel increase, according to the American Petroleum Institute. Gasoline supplies fell by 3.7 million barrels, while distillate stocks recorded a decline of 1.6 million barrels.