8/29/2023, 10:33 PM (Source: TeleTrader)
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US oil inventories reportedly down by 11.49M barrels

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 dropped by 11.49 million barrels.

Meanwhile, reserves in the industry hub in Cushing, Oklahoma, fell by 2.23 million barrels. The report is also said to have shown a rise of 1.4 million barrels in gasoline inventories and a 2.46-million-barrel jump in distillate stockpiles.

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

Baha Breaking News (BBN) / NP