API reports sharp drop in U.S. crude inventories, gasoline build

Investing.com – U.S. oil stocks dropped a sharp 10.23 million barrels at the end of last week, the American Petroleum Institute estimated on Tuesday, with the figure far exceeding an expected 3.0 million barrels decline.

Gasoline supplies rose 1.9 million barrels following a large draw of 5.45 million barrels the previous week and compared with expectations of a draw. Distillate registered a draw of 0.11 million barrels after the draw of 2.9 million barrels previously.

Stocks at the oil storage hub of Cushing, Oklahoma, registered a substantial draw of 2.57 million barrels the 15th weekly draw out of the last 16 weeks. On Wednesday, the Energy Information Administration is due to release official data.