US oil inventories down by 11.49 mln barrels: API

Oil tanks

US crude inventories dropped by 11.486 million barrels in the week ended Aug. 25, the steepest decline since the week ended Sept. 2, 2016, the American Petroleum Institute (API) said in its weekly report.

 

Gasoline inventories rose by 1.395 million barrels last week, while distillate stockpiles increased by 2.462 million barrels, the report added.

 

The Energy Information Administration (EIA) will likely issue the official figures on Wednesday, amid forecasts that US crude stockpiles will decline by 51.3 million barrels.

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