US oil inventories down 15.4 mln barrels last week, says API

02/08/2023 Argaam

US oil inventories down 15.4 mln barrels last week, says API

Oil tanks

US oil inventories declined by 15.4 million barrels in the week ended July 28, according to the American Petroleum Institute (API).

 

Gasoline inventories fell by 1.68 million barrels last week, and distillate stocks slipped by 512,000 barrels.

 

The US Energy Information Administration will release official data on inventories today, Aug. 2, amid expectations that crude stocks will decline by nearly 900,000 barrels. 

 

Brent crude futures for October sank by 0.6%, or 52 cents, to $84.91 a barrel on Tuesday.

 

The price of US West Texas Intermediate for September delivery decreased by 0.55%, or 43 cents, to $81.37 a barrel.

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