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Crude Oil Inventories Decreased Last Week, API Says in Report

Crude oil inventories fell 2.97 million barrels to 349.2 million last week, the American Petroleum Institute said.

Gasoline stockpiles fell 871,000 barrels to 209.9 million, the report showed.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, declined 426,000 barrels to 32.7 million.

The Energy Department is scheduled to release its inventory report tomorrow at 11 a.m. in Washington.

The government report may show stockpiles of crude oil fell 2 million barrels last week, according to the median of 14 responses in a Bloomberg News survey. Gasoline inventories probably dropped 1.4 million barrels, the survey showed.

API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.

Crude oil for October delivery rose $3.53, or 4.1 percent, to $89.55 a barrel at 4:32 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $89.34, traded at $89.47 before the report was released at 4:30 p.m.

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