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5/11, 10:31 PM (Source: TeleTrader)
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US oil inventories fall by 2.5M barrels - report

United States crude inventories declined last week, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles fell by 2.5 million barrels. Reserves in the industry hub in Cushing, Oklahoma, decreased by 1.2 million barrels.

Meanwhile, the report is also said to have shown a jump of 5.6 million barrels in gasoline inventories and a 0.9 million drop in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

Oil prices rose after the report was released. Brent for July delivery climbed 0.59% to sell for $68.60 per barrel at 4:31 pm ET and West Texas Intermediate (WTI) for settlements in June added 0.63% to go for $65.29 per barrel at 4:32 pm ET.

Breaking the News / NP