Investing.com – The American Petroleum Institute said late Tuesday that stocks fell by a surprise 3.8 million barrels last week, following a 2.7 million build the previous week, the first for four weeks.
The draw defied expectations for another build and comes ahead of official data from the U.S. Department of Energy later on Wednesday.
There was a sharp draw in Cushing stocks of 1.96 million barrels, likely caused by a maintenance shutdown of a key pipeline into the storage facility. Gasoline inventories rose 900,000 barrels and distillates showed a second straight drop, falling 2.3 million barrels.
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