US Crude Oil Stocks Down 5.087 Million Barrels, API Says

Investing.com – stocks fell by 5.087 million barrels last week, the American Petroleum Institute (API) said on Tuesday, while gasoline supplies dropped 7.697 million barrels and distillates declined 3.106 million barrels.

Supplies at the oil storage hub of Cushing, Oklahoma, fell by 263,000 barrels.

Analysts expected a 2.575 million barrels drop in crude, a 2.450 million barrels decline in distillates and a 2.050 million barrels dip in gasoline supplies.

The API estimates are followed by official data from the Energy Information Administration (EIA) on Wednesday. The EIA and API figures often diverge.

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