API Estimates U.S. Crude Stocks Fell 4.93 Million Barrels
Photo: TokenPost
The American Petroleum Institute (API) estimated U.S. crude inventories declined 4.93 million barrels in the week ended Oct. 16. That was a smaller draw than the 11.12 million barrels estimated for the previous week. API also estimated distillate inventories fell 2.6 million barrels, while crude stocks at Cushing, Oklahoma, rose 900,000 barrels. Cushing is the delivery point for West Texas Intermediate (WTI) crude futures. The U.S. Energy Information Administration’s (EIA) report for the week ended Oct. 9 showed commercial crude inventories fell 8.6 million barrels to 415.6 million barrels.
Source: TokenPost
