Energy Preview: US crude inventories decline by 577,000 barrels, notes API

US crude oil inventories fell last week, which are seen providing some support to the WTI. The American Petroleum Institute (API) weekly crude oil stock report showed crude oil stockpiles in the US for the week ending July 18 declined by 577,000 barrels, compared to a rise of 19.1 million barrels in the previous week. So far this year, crude oil inventories are up around 11 million barrels. Gasoline inventories fell in the week ending July 18 by 1.228 million barrels. Distillate inventories rose substantially this week, by 3.480 million barrels.

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