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U.S. crude stocks down by 5.79 million barrels, API says

Published 05/09/2017, 04:41 PM
Updated 05/09/2017, 04:57 PM
© Reuters. API estimates

Investing.com - Crude inventories in the U.S. fell a more than expected 5.79 million barrels, the American Petroleum Institute (API) reported in estimates released on Tuesday for the week ended May 5.

Gasoline inventories rose by 3.17 million barrels, compared to a draw expected, and distillate stocks fell by 1.17 million barrels, more than forecast.

Supplies at the oil storage hub at Cushing, Oklahoma, fell by 130,000 barrels.

The API figures are followed on Wednesday by official data from the U.S. Energy Information Administration (EIA).

Analysts expected crude supplies fell by 1.786 million barrels, with gasoline stocks down by 538,000 barrels and distillate inventories down by 1.013 million barrels.

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