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Oil Inventories Fell by 8.0M Barrels Last Week: API

Commodities Jul 07, 2021 05:00PM ET
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By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell last week, while gasoline inventories snapped a five weeks of gains pointing to underlying strength in the demand outlook at a time when uncertainty over supply lingers following the botched OPEC+ meeting.  

West Texas Intermediate, the benchmark for U.S. crude prices pared losses, down 1.59% to $72.20 a barrel on the news, after settling down $1.17 to $72.20 a barrel.

U.S. crude inventories fell by 8.0 million barrels for the week ended July 1. That compared with a draw of 8.2 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories fell by about 2.7 million last week, compared with a 1.3 million build in the prior week, and distillate stocks rose by about 1.1 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 4.0 million barrels last week.

Oil Inventories Fell by 8.0M Barrels Last Week: API
 

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Comments (5)
Todd Gray
Todd Gray Jul 07, 2021 9:20PM ET
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In large part, we can thank Joe Bidum for canceling the pipeline from Canada, restricting all oil exploration & drilling leases on federal land, and delivering a huge financial boom to the arabs so we all get to pay higher energy prices for years. no matter what liberal politicians give the working people, they soon take it all away somewhere else.
Rob JDH
Rob JDH Jul 07, 2021 9:20PM ET
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This is naive. You can thank producers, including shale, for not ramping up production - production is still lower than pre-COVID levels deapite booming demand. Not something silly like how much oil is being imported from Canada in one pipeline or drilling projects that dont exist yet.
Faisal Alvi
Faisal Alvi Jul 07, 2021 7:02PM ET
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Will the price will go up today or still brearish
Edgar Wilkinson
Edgar Wilkinson Jul 07, 2021 5:41PM ET
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Is not a draw of oil inventory the same as a inventory fall?
Meru Pet
Meru Pet Jul 07, 2021 5:15PM ET
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oh no oh no oh no ... oh yeah....
New Jazenevd
New Jazenevd Jul 07, 2021 5:13PM ET
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Super-bullish numbers. Oil price goes to triple digits.
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Faisal Alvi
Faisal Alvi Jul 07, 2021 5:13PM ET
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How?
Meru Pet
Meru Pet Jul 07, 2021 5:13PM ET
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ram shrestha how ? it is easy: click on buy
David Bennett
David Bennett Jul 07, 2021 5:13PM ET
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absolutely above $100.00
Saif Memon
Saif Memon Jul 07, 2021 5:13PM ET
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dave oberting
meyer13 Jul 07, 2021 5:13PM ET
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not in your lifetime
 
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