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5/18, 10:40 PM (Source: TeleTrader)
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US oil inventories up by 0.62 million barrels - report

United States crude inventories rose by 0.62 million barrels compared to last week, according to private data reportedly published by the American Petroleum Institute (API). Reserves in the industry hub in Cushing, Oklahoma were up by 0.053 million barrels.

Meanwhile, gasoline inventories fell by 2.83 million barrels, while its distillate stockpiles were down by 2.58 million barrels over the same week. The official figures from the Energy Information Administration (EIA) are set to be released on Wednesday.

Oil prices were on the decline following the report, with Brent delivery for July falling by 1.33% to sell for $68.33 per barrel at 4:38 pm ET and West Texas Intermediate (WTI) for settlements in June losing 1.55% to go for $65.32 per barrel at 4:44 pm ET.

Breaking the News / MJ