7/2, 10:40 PM (Source: TeleTrader)
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API shows some reduction in crude inventories - report

The American Petroleum Institute's report published on Tuesday indicates a smaller-than-expected draw in inventories for the week ending July 2, multiple media reported. The volume of crude oil has supposedly diminished by around 5 million barrels, compared to the reduction of 3 million barrels which was the market expectation. In the meantime, the reserves in the industrial hub in Cushing, Oklahoma reportedly rose by some 882,000 barrels.

The report also showed a stockpile decrease of slightly under 390,000 barrels in the volume of gasoline, while the distillates supply fell by some 1.7 million barrels, against the expected drop of 1 million barrels.

International benchmark Brent for settlements in September slid 4.02% to go for $62.60 per barrel at 5:33 pm ET, while the West Texas Intermediate (WTI) delivery for the same month lost 4.70% to sell for $56.43 per barrel concurrently.

Breaking the News / MA