Energy Preview: API reports fall in crude oil inventories; gasoline stocks rise

WTI crude oil prices dipped below $65 per barrel mark on Wednesday morning in Asia following higher forecasts for global inventory builds by EIA in its short term outlook. Meanwhile, the American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again by 370,000 barrels in the week ending June 6 after. The API reported a 3.3 million barrel inventory decrease in the prior week. However, gasoline inventories rose sharply in the week ending June 6, up 2.969 million barrels, after rising by 4.7 million barrels in the week prior. Distillate inventories were also up this week, by 3.712 million barrels. In the week prior, distillate inventories rose 760,000 barrels.

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