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8/10, 10:34 PM (Source: TeleTrader)
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US oil inventories down by 816K barrels - report

United States crude inventories decreased 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 dropped by 816,000 barrels. Oil reserves in Oklahoma's Cushing decreased by 413,000 barrels.

Meanwhile, the report is also said to have shown a fall of 1.1 million barrels in gasoline inventories and an increase of 673,000 barrels in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA).

Oil prices rose following the report release. Brent for October delivery gained 2.24% to sell for $70.75 per barrel, while West Texas Intermediate for settlements in October climbed 2.46% to trade for $68.23 per barrel at 4:39 pm ET.

Breaking the News / LH