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Oil Inventories Fall by 4.875M Barrels Last Week: API

·1 min read

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell last week, easing worries over the energy demand outlook amid a new strain of Covid-19 that could further curb international travel.

U.S. crude inventories fell by 4.785 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 2.7 million barrels the previous week. Gasoline inventories fell by 131,000 and distillate stocks fell by 1.88 million barrels.

Crude Oil WTI Futures, the U.S. benchmark for oil was 1.3% higher after settling up 0.8% at $48 per barrel.

Official government report due Wednesday expected to show weekly U.S. crude supplies decreased by about 2.6 million barrels last week.

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