Oil stocks fell by more than 6.4 million bpd last week

The U.S. market witnessed a sharp drop in crude oil stocks last week. However, product inventories, for instance, gasoline have expanded. This is reported by the American Petroleum Institute (API) on Tuesday.

Data showed that U.S. strategic crude oil inventories dropped by 6.4 million barrels between Nov. 25 and Dec. 2. A week earlier, the decline amounted to 3.8 million bpd. Economists, on the other hand, suggested only a 3.9 million-barrel drop. 

The agency said that gasoline inventories expanded by 5.9 million barrels last week, while distillate volumes hit 3.6 million bpd. 

Oil prices fell to the lowest in more than a year on Tuesday. This is caused by market concerns that global economic growth is slowing down. That, in turn, could lead to a slump in demand for energy supplies.