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Oil Inventories Fell by 831,000 Barrels Last Week: API

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By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell last week, but worries remain that oil demand will likely fade amid signs of increasing Covid-19 cases in the U.S. and abroad.

U.S. crude inventories fell by 831,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 691,000 barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was down 3.5% after settling 3.2% lower at $39.29 a barrel on Tuesday.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies rose by 1.57 million barrels last week.

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