API: Sharp Decline in Crude And Gasoline Inventories

American Petroleum Institute data on Tuesday showed a decline in US stocks of crude oil last week, while gasoline inventories rose.

Crude inventories declined by 9.5 million barrels over the week ending September 11 to about 494.6 million barrels, while analysts expected an increase of 1.3 million barrels.

Crude stocks at the delivery point in Cushing, Oklahoma, fell by 798,000 barrels, the institute said.

The Petroleum Institute data indicated an increase in crude consumption by refineries by 641 thousand barrels per day.

Gasoline stocks increased by 3.8 million barrels, compared with analysts’ expectations in a Reuters poll for a drop of 160,000 barrels.

According to the figures, stocks of distillate products, which include diesel and heating oil, decreased by 1.1 million barrels, while they were expected to increase by 600 thousand barrels.

US crude imports fell by 96,000 barrels per day, the data showed.