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Crude Inventory Fell 4.7 Million Barrels Last Week: API

Published 07/27/2021, 04:33 PM
Updated 07/27/2021, 04:40 PM
© Reuters.

Investing.com -- Crude inventories fell 4.7 million barrels last week, more than the expected draw of 3.4 million barrels, according to data released Tuesday by the American Petroleum Institute.

The price of U.S. crude benchmark Crude Oil WTI Futures edged up 0.08%, to $71.97, while the price of international standardBrent Oil Futurescrude rose 0.1% to $73.78 in late afternoon trading.

The API report said gasoline inventory fell by 6.226 million barrels and distillate stocks fell 1.882 million barrels.

The government's own report on fuel stocks is due out Wednesday morning at 10:00 AM ET (1400 GMT).

 

Latest comments

Oil up
wait until the US withdraw troops from Afghanistan. this will bring more instability in middle East region... oil price will go sky rocket high. gold also
CORRECTION oil will go up due to withdraw of American troops because withdrawal will bring peace in the region hence more economic activity American troops are the reason for instability
Oil price goes to triple digits making driving expensive. Perhaps, Biden administration, real culprit of the rise in gasoline price, will blame “climate change” for this.
https://www.worldometers.info/coronavirus/country/uk/ This is a good barometer for what will happen here in the US.  Cases are dropping as quick as they went up yet you'll notice deaths were essentially nonexistent.  Delta should wash through here by September.  Just in time for refinery maint season so I expect to average 5-8 million gasoline draws for two straight months starting September.
Draws across the board.  We'll have the usual perma bear article writers posting their same old same old.  Things gonna get bad in a hurry in about a month or so for bears.
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