RTTNews - Crude oil supplies fell in the recent week, according to data released by the Energy Information Administration on Wednesday. The drop was less than the expectations of analysts.
U.S. commercial crude oil inventories decreased by 400,000 barrels in the week ended August 28. Experts were looking for a drop of about 1.9 million barrels. At 343.4 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year.
The American Petroleum Institute reported late yesterday afternoon that crude oil stockpiles dropped 3.19 million barrels in the week ended August 28. The API and EIA reports move in the same direction about 75% of the time.
Total motor gasoline inventories decreased by 3.0 million barrels last week, and are in the upper half of the average range. Supplies were forecast to drop 1.4 million barrels and distillates are predicted to decline 600,000.
Distillate fuel inventories increased by 1.2 million barrels and propane/propylene inventories decreased by 1.6 million barrels.
Over the last four weeks, motor gasoline demand has climbed by 0.5 percent from the same period last year. Distillate fuel demand is down 7.3 percent and jet fuel demand is 12.1 percent lower.
On the NYMEX, crude oil rebounded from an early tumble to move slightly higher. Light sweet crude for October rose to $68.32, up 37 cents on the session.
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