US crude stockpiles fell by 5.5 million barrels last week, surpassing expectations for a 4.1-million-barrel drop, according to the American Petroleum Institute. However, the decrease was offset by a sharp rise in gasoline and distillate inventories, which gained 9.2 million barrels and about 4.3 million barrels, respectively.
US crude inventories post larger-than-expected decline
Sign up for API SmartBrief
Oil and natural gas industry news
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.