» Petroleum Institute: US crude inventories fell 5.1 million barrels
Petroleum Institute: US crude inventories fell 5.1 million barrels
Data from the American Petroleum Institute on Tuesday showed a decline in crude stocks in the United States more than five million barrels last week, twice analysts' expectations, while gasoline stocks increased and decreased distillate stocks.
Crude stocks fell 5.1 million barrels in the week ending on May 20 to 536.8 million, while it was expected to fall 2.5 million barrels. The Petroleum Institute said crude inventories at the delivery point of Cushing, Oklahoma fell 189 thousand barrels.
Gasoline inventories rose 3.6 million barrels, while analysts forecast in a Reuters poll to fall 1.1 million barrels.
The Petroleum Institute figures showed a decline in stocks of distillates, which diesel and heating oil, including 2.9 million barrels, compared with expectations that the drop of 1.1 million barrels.
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