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May 17, 2022, 5:51 p.m. EDT

API sees drops in U.S. oil, gasoline inventories: source

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By William Watts

Oil futures rose in electronic trade late Tuesday after a trade group reported a large drop in U.S. crude-oil and gasoline inventories.

The American Petroleum Institute said U.S. crude-oil inventories fell 2.4 million barrels last week, while gasoline stocks fell by 5.1 million barrels, according to a source. Distillate inventories were seen up 1 million barrels.

The Energy Information Administration on Wednesday will release official inventory data. Analysts surveyed by S&P Global Commodity Insights expect the official data to show a 2.1 million barrel rise in oil inventories, while gasoline is seen down 100,000 barrels and distillates down 1 million barrels.

West Texas Intermediate crude for June delivery /zigman2/quotes/211629951/delayed CL.1 +0.24% rose to $113.55 a barrel in electronic trade Tuesday afternoon, up from a close of $112.40 in regular trading.

US : U.S.: Nymex
$ 70.34
+0.17 +0.24%
Volume: 272,769
June 9, 2023 4:59p

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