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Oil Inventories Fall by 448,000 Barrels Last Week: API

Commodities Aug 16, 2022 04:49PM ET
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By Yasin Ebrahim

Investing.com -- U.S. crude inventory fell by more than expected last week, the API reported Tuesday, snapping two weeks of gains just as attention shifts toward progress on talks to revive Iranian nuclear deal that could usher in fresh crude supplies from Tehran.      

West Texas Intermediate, the U.S. benchmark, traded at $86.94 a barrel following the report after settling down 3.2% at $86.53 a barrel. 

U.S. crude inventories fell by 448,000 barrels for the week ended Aug. 12. That compared with a build of 2.2 million barrels reported by the API for the previous week. Economists were expecting an increase of about 117,000 barrels. 

The API data also showed that gasoline inventories fell by 4.5 million barrels last week, and distillate stocks decreased by 759,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 275,000 barrels last week.

Oil prices have made a poor start to the week as investors await further developments on talks to revive the Iranian nuclear deal that could lift the ban on energy exports from Iran, supplying the market with fresh barrels.   

Oil Inventories Fall by 448,000 Barrels Last Week: API
 

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Comments (7)
Andrew Ulferts
Andrew Ulferts Aug 17, 2022 11:03AM ET
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Looks like the API is way off again- 7 million bbl draw, 3.4 million bbl crude draw, 4.6 million bbl gasoline draw! Where is your EIA report? Where is the demand destruction? Haha. This is going to be hilarious when oil gets squeezed like it should.
Me comment
Me comment Aug 16, 2022 9:45PM ET
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Since April oil inventories have grown 10 million barrels so why keep saying there is a supply shortage. All for done for makung more money on the speculators.
Gary Piccone
Gary Piccone Aug 16, 2022 7:28PM ET
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More Iran oil will lead to lead to oil cut backs from OPEC. Great job Brandon
Larry Knight
Larry Knight Aug 16, 2022 5:33PM ET
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Why does the Biden lefties want to enrich the Opec folks and diminish American business and jobs of the petroleum industry?
Midnight Trader
Midnight Trader Aug 16, 2022 5:33PM ET
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What does the orange man propose? Let buddy Putin take Ukraine?
Michael Mcdonough
Michael Mcdonough Aug 16, 2022 5:20PM ET
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Let’s see Iran selling drones to Russians and Biden wants to fill their coffers with funds ..cant make it up.
Vidhan Sharma
Vidhan Sharma Aug 16, 2022 5:14PM ET
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ng will go boom boom down
Andrew Ulferts
Andrew Ulferts Aug 16, 2022 5:12PM ET
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Booooooommmm! Wait until fall. Load up those buses and empty that SPR. You ain’t seen nothin yet.
 
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