7/26, 10:36 PM (Source: TeleTrader)
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US oil inventories fall by 4.07M 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 slid by 4.07 million barrels. The decline was bigger than analysts had expected.

Meanwhile, reserves in the industry hub in Cushing, Oklahoma, rose by 1.09 million barrels. The report is also said to have shown a drop of 1.06 million barrels in gasoline inventories and a 550,000 decline in distillate stockpiles.

Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

Baha Breaking News (BBN) / NP