Economics
Oil Rises as Industry Group Shows U.S. Crude and Fuel Stock Drop
- U.S. crude stocks shrank 3.16 million barrels last week: API
- Gasoline supplies seen declining by most since March
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Crude popped after an industry report showed declines in crude, gasoline, distillate and Cushing, Oklahoma stockpiles, indicating strong seasonal demand for U.S. supplies.
Futures burst higher from the settlement in New York on Tuesday after the American Petroleum Institute was said to report nationwide crude stockpiles declined 3.16 million barrels last week. At the same time, API indicated a decline in supplies at the key Cushing pipeline hub, which would be for a 10th straight week, if Energy Information Administration data confirms it on Wednesday.