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API says U.S. crude oil inventories down less than seen 1.5 mln barrels

Published 05/23/2017, 04:28 PM
Updated 05/23/2017, 04:50 PM
© Reuters.  API estimates

Investing.com - U.S. crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said on Tuesday, while gasoline showed a bigger than expected drop along with distillates. Gasoline stocks fell by 3.15 million barrels and distillate inventories eased 1.85 million barrels.

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

Analysts expected crude inventories to drop by 2.733 million barrels, with distillates seen down 1.033 million barrels and gasoline stocks posting a 1.086 million barrels decline.

The oil storage hub at Cushing, Oklahoma saw supplies drop by 210,000 barrels, the seventh straight weekly decline.

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