API: Crude Stocks Fell by More Than 6 M Barrels

American Petroleum Institute data released showed a decline in US inventories of crude oil and fuel in the latest week.

Crude inventories fell 6.4 million barrels for the week ending August 28 to about 501.2 million barrels, while analysts expected a decline of 1.9 million barrels.

Crude stocks at the delivery point in Cushing, Oklahoma, fell by 237,000 barrels, the institute said. The Petroleum Institute data indicated a decrease in crude consumption by refineries by 798 thousand barrels per day.

Gasoline stocks fell by 5.8 million barrels, compared with analysts’ expectations in a Reuters poll for a drop of 3 million barrels.

According to the Petroleum Institute’s figures, stocks of distillates, which include diesel and heating oil, decreased by 1.4 million barrels, which met expectations. US crude imports fell by 803,000 barrels per day, the data showed.