Connect with us

Hi, what are you looking for?

Commodities & Futures

Oil Inventories Fell by 8.0M Barrels Last Week: API

Commodities10 minutes ago (Jul 07, 2021 05:00PM ET)

(C) Reuters.

By Yasin Ebrahim

Investing.com – U.S. crude stockpiles fell last week, while gasoline inventories snapped a five weeks of gains pointing to underlying strength in the demand outlook at a time when uncertainty over supply lingers following the botched OPEC+ meeting.

West Texas Intermediate, the benchmark for U.S. crude prices pared losses, down 1.59% to $72.20 a barrel on the news, after settling down $1.17 to $72.20 a barrel.

U.S. crude inventories fell by 8.0 million barrels for the week ended July 1. That compared with a draw of 8.2 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories fell by about 2.7 million last week, compared with a 1.3 million draw in the prior week, and distillate stocks rose by about 1.1 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 4.0 million barrels last week.

Oil Inventories Fell by 8.0M Barrels Last Week: API

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved