Crude Oil Inventories Drop More Than Expected, API Says

Investing.com – inventories fell by 7.130 million barrels, the American Petroleum Institute (API) said oin Tuesday, more than expected as gasoline stocks rose by 1.94 million barrels and distillates gained 1.64 million barrels missing expectations of declines.

The oil storage hub at Cushing, Oklahoma, showed a drop of 151,000 barrels.

The API estimates will be followed by official data on Wednesday from the Energy Information Administration (EIA).

Crude oil inventories were seen down by 4.750 million barrels, while gasoline stocks are seen down by 1.0 million barrels and distillates off by 1.5 million barrels. The API and EIA figures often diverge.

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