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U.S. crude stockpiles fell 2.7M barrels last week, API says (NYSEARCA:USO) - Seeking Alpha

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U.S. crude stockpiles fell 2.7M barrels last week, API says (NYSEARCA:USO) | Seeking Alpha

U.S. crude stockpiles fell 2.7M barrels last week, API says

United States Oil Fund, LP ETF (USO),

CL1:COM By:

Carl Surran, SA News Editor
7 Comments imaginima/E+ via Getty Images

The American Petroleum Institute reportedly shows a draw of 2.67M barrels of oil in U.S. commercial stockpiles for the week ending October 20.

Gasoline inventories reportedly show a draw of 4.17M barrels for the week, distillate inventories show a draw of 2.31M barrels, and stockpiles at the Cushing, Oklahoma, storage hub show a build of 513K barrels.

The Energy Information Administration will release its weekly U.S. petroleum supply report Wednesday morning; on average, analysts forecast the report will show an increase of only 10K barrels in commercial crude oil stockpiles, a decrease of 300K barrels in gasoline inventories, and a decrease of 1.1M barrels in distillate stocks, according to consensus estimates from a survey by The Wall Street Journal.

December WTI crude oil ( CL1:COM) recently traded at $83.93/bbl after settling Tuesday at $83.74/bbl.

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