U.S. Crude Inventory Dropped 4 Million Barrels Last Week: API
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Investing.com — Oil inventories fell more than expected last week, according to data from the American Petroleum Institute.
Crude inventories showed a draw of 4.045 million barrels. Expectations had been for a draw of 2.833 million barrels last week, against an actual draw of 1.622 the week before that.
The price of Crude Oil WTI Futures, the U.S. benchmark, fell 0.98%, to $68.52, after the data were released. Brent Oil Futures, the international standard, was down 0.8%, at $71.64.
The industry report also showed a draw of 1.96 million barrels of distillate stocks but an increase of 2.71 million barrels of gasoline.
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