Energy Preview: API reports large drop in US crude oil inventories

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a large dip of 4 million barrels in the week ending October 24, following a 2.98 million-barrel build the previous week and below expectations for a 2.9 million barrel draw. This was the second consecutive drop after two straight weeks of strong builds. Gasoline inventories also saw a large decrease, of 6.3 million barrels in the week ending October 24, after losing 236,000 barrels in the week prior.

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