USO

Oil Inventories Unexpectedly Drop

Crude oil supplies declined 5.2 million barrels on the week ending Aug. 5, the American Petroleum Institute said late Tuesday, according to news reports.

The estimate comes ahead of official data from the Energy Information Administration due for release Wednesday. The trade group also said gasoline stockpiles declined 1 million barrels, while distillates inventories were down 600,000 barrels.

Analysts polled by Platts expected oil inventories up 1.8 million barrels, gasoline stocks down 1.2 million barrels, and distillate stocks up 1.2 million barrels.

During regular trading earlier today, oil fell to a value not seen since September. Light, sweet crude for September delivery finished down 2.5% to $79.30 a barrel.

After hours, futures are up $0.37, or 0.5%, in electronic tarding, trading at $81.70 a barrel.

United States Oil Fund ( USO ) is up 25 cents, or 0.8%, to $31.87.

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

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