U.S. Oil Inventory Down 7.2 M Barrels – API

Crude oil inventories in the United States fell by 7.2 million barrels last week, according to estimates by the American Petroleum Institute (API).

Meanwhile, the stockpiles of gasoline and distillates rose by 959,000 and 992,000 barrels, respectively.

Crude stocks at the storage hub in Cushing, Oklahoma, decreased by about 2.6 million barrels.

Official inventory data by the Energy Information Administration (EIA) is due tomorrow.