11/29/2022, 10:34 PM (Source: TeleTrader)
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US oil inventories down by 7.85M barrels - report

United States crude inventories decreased more than expected 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 7.85 million barrels.

Meanwhile, reserves in the industry hub in Cushing, Oklahoma, declined by 150,000 barrels. The report is also said to have shown a jump of 2.85 million barrels in gasoline inventories and a 4.01 million drop in distillate stockpiles.

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

Baha Breaking News (BBN) / NP