RTTNews - Crude oil stockpiles fell again in the recent week, according to data released by the Energy Information Administration on Wednesday. However, gasoline and distillate stockpiles rose more than expected, dragging prices lower.
U.S. commercial crude oil inventories decreased by 2.9 million barrels in the week ended July 3. Experts were expecting to see supplies dropped 3.2 million barrels. At 347.3 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year.
Total motor gasoline inventories increased by 1.9 million barrels last week, and are in the upper half of the average range. A more modest build of about 900,000 barrels was forecast.
Distillate fuel inventories increased by 3.7 million barrels, much greater than the 1.7 million barrels expected by experts.
Following the report, light sweet crude fell to $61.52, down $1.40 for the session. Prices hit as low as $61.36 shortly after the data was made public. Oil has declined in each of the last five sessions.
Tuesday after the markets closed, the American Petroleum Institute reported crude oil inventories fell 1.39 million barrels, but gasoline supplies rose by 767,000 barrels and distillates increased by 3.4 million barrels. Participation in the API data is voluntary.
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