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7/27, 10:35 PM (Source: TeleTrader)
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US oil inventories down by 4.7M 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 4.7 million barrels. Oil reserves in Oklahoma's Cushing decreased by 126,000 barrels.

Meanwhile, the report is also said to have shown a fall of 6.2 million barrels in gasoline inventories and a 1.9 million decline in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA).

Oil prices plummeted following the report release. Brent for October delivery lost 0.35% to sell for $73.75 per barrel, while West Texas Intermediate for settlements in September slid by 0.39% to trade for $71.90 per barrel at 4:44 pm ET.

Breaking the News / LH