API Inventories

SAN FRANCISCO (MarketWatch) -- Crude oil inventories declined 1.85 million barrels for the week ended Aug. 20, the American Petroleum Institute said Wednesday. Stockpiles of distillates and gasoline, however, increased by 1.88 million and 692,000 barrels, respectively, the trade group said. The API report on inventories comes ahead of the more closely watched government report, scheduled for release Wednesday at 10:30 a.m. Eastern. Analysts surveyed by Platts had expected an increase around 1.1 million barrels for oil. Gasoline stocks were seen down 875,000 barrels, while stocks of distillates, which include heating oil and diesel, were forecast to go up by 950,000 barrels. Oil finished at an 11-week low on Tuesday, whereas gasoline ended at an eight-month low.


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