API: US crude oil inventories drop 564,000 barrels

Oil tanks

Commercial crude oil inventories in the United States fell during the week ending July 10, according to estimates from the American Petroleum Institute. In a report released Tuesday, the institute said crude inventories fell by 564,000 barrels last week. The report also showed gasoline inventories dropped by 1.664 million barrels over the same period, while distillate inventories, including diesel and heating oil, rose by 2.3 million barrels. Official data from the U.S. Energy Information Administration is due Wednesday, with expectations for a 900,000-barrel decline in crude inventories. At Tuesday's settlement, benchmark Brent crude futures for September delivery rose 1.72%, or $1.43, to $84.73 per barrel, while U.S. Nymex crude futures for August delivery gained 1.54%, or $1.20, to $79.34 per barrel.

American Petroleum Institute

US oil inventories

{{displayname}}

{{profession}}

{{followercount}}

{{aboutme}}