US crude inventories fall 11.1 million barrels

by **claud39** Wed Aug 28, 2019 6:41 am

US crude inventories fall 11.1 million barrels

28/08/2019

Economy News - Baghdad

US crude oil inventories fell sharply last week as imports fell and gasoline and distillate inventories fell, data from the American Petroleum Institute showed on Tuesday.

Crude inventories fell 11.1 million barrels during the week ending August 23 to 428.7 million barrels, while analysts expected a decline of 2.1 million barrels.

Crude stocks at the delivery point in Cushing, Oklahoma, dropped 2.4 million barrels, the institute said.

The Institute of Petroleum data pointed to high consumption of crude refineries 40 thousand barrels per day.

Gasoline inventories fell 349,000 barrels, compared with analysts' expectation in a Reuters poll of 388,000 barrels.

Distillate stocks, which include diesel and heating oil, fell 2.5 million barrels, compared with expectations for a 918,000 barrel rise, according to the Petroleum Institute.

US imports of crude fell last week by 1.2 million barrels per day to 6.2 million barrels per day.

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