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Oil Prices Find Support As API Reports Massive Crude Draw

Oil Prices Find Support As API Reports Massive Crude Draw

The American Petroleum Institute (API) reported a huge draw of 8.133 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a much more modest draw of 2.99 million barrels for the week ending July 7.

Gasoline inventories for the week ending July 7 also fell modestly, by 801,000 barrels, after falling 5.7 million barrels the week ending June 30. Surveyed analysts had expected a pessimistic 1.1-million-barrel build for the fuel this week.

Distillate inventories rose again this week, this time by 2.079 million barrels, on top of last week’s 375,000-barrel build. Analysts had predicted a 1.1-million-barel build.

Adding to this week’s optimism, inventories at the Cushing, Oklahoma, site also fell, by 2.028 million barrels.