Markets
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.

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