Markets
USO

Crude Oil Inventories Unexpectedly Drop in Latest Week

A generic image of two people across each other
Credit: Shutterstock photo

Crude oil inventories fell 3.3 million barrels in the week ended Aug. 19, trade group the American Petroleum Institute said late Tuesday. API reported an increase in gasoline stockpiles of 6.4 million barrels, and a rise in inventories of distillates of 2 million barrels.

The U.S. Department of Energy is scheduled to report official numbers on Wednesday at 10:30 a.m. ET. Analysts polled by Platts expect to see crude stocks up 2 million barrels, gasoline stocks down 1.4 million barrels, and distillates stocks up 1.3 million barrels.

October crude oil futures are up $1.50 or 1.8% at $85.90 a barrel in after-hours electronic trading. Futures finished regular trading up 1.2% to $85.44 a barrel.

United States Oil Fund ( USO ) is down 0.2% at $33.35 in after-hours action.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

USO

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More