U.S. crude oil stocks fall 3.5 million barrels: API

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford

NEW YORK, - U.S. crude stocks fell last week while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 3.5 million barrels in the week to August 16 to 439.8 million, compared with analysts’ expectations for a decrease of 1.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.8 million barrels, API said.Gasoline stocks fell by 403,000 barrels, compared with analysts’ expectations in a Reuters poll for a 169,000-barrel gain.

Distillate fuels stockpiles, which include diesel and heating oil, rose by 1.8 million barrels, compared with expectations for a 314,000-barrel gain, the API data showed.Reporting by New York Energy Desk

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You all really need to read the article before posting comments

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