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U.S. Crude Inventory Dropped 4 Million Barrels Last Week: API By biedexmarkets.com

U.S. Crude Inventory Dropped 4 Million Barrels Last Week: API

© Reuters.

biedexmarkets.com — Oil inventories fell more than expected last week, according to data from the American Petroleum Institute.

showed a draw of 4.045 million barrels. Expectations had been for a draw of 2.833 million barrels last week, against an actual draw of 1.622 the week before that.

The price of , the U.S. benchmark, fell 0.98%, to $68.52, after the data were released. , the international standard, was down 0.8%, at $71.64.

The industry report also showed a draw of 1.96 million barrels of distillate stocks but an increase of 2.71 million barrels of gasoline.