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8/20, 10:43 PM (Source: TeleTrader)
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API shows surprise drop in US oil stockpile – report

Oil futures were little changed on Tuesday, off the day's slight gains as traders learned from the media that the American Petroleum Institute's weekly report showed a surprisingly strong decline in inventories in the United States. The volume of crude is said to have narrowed by 3.5 million barrels in the seven days through August 16 while reserves in the industry hub in Cushing, Oklahoma, apparently dropped by 2.8 million barrels.

The downward impact on prices was smaller from an alleged decrease by 400,000 barrels in the amount of gasoline in stock and cushioned by a rise in the distillates category of 1.8 million barrels.

West Texas Intermediate for settlement in October was 0.11% down at 10:33 pm CET, selling for $56.07 per barrel. Brent oil for delivery also in the said month rose 0.44% to the psychological $60 mark.

Breaking the News / IT