API Says US Crude Oil Stocks Down By 5.222 Million Barrels Last Week

Investing.com – The American Petroleum Institute said late Tuesday that US crude stocks fell by 5.222 million barrels last week, while gasoline inventories rose by 2 million barrels and distillate stocks dipped 2.9 million barrels. Stocks at the storage hub of Cushing, Oklahoma rose by 70,000 barrels.

Analysts estimated that crude stocks were down 3.769 million barrels, with a 870,000 barrels drop in distillates and a 1.895 million barrels build in gasoline seen. The API estimates will be followed by official figures from the US Energy Information Administration on Wednesday.

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