Oil Prices Slip After API Reports Build In Gasoline Inventories

The American Petroleum Institute (API) reported a major drawdown on U.S. crude oil inventories of 3.595 million barrels—one-third of last week’s API-reported draw of 9.2 million. Cushing inventories were also down 462,000 barrels, for the week ended August 18.  Gasoline inventories rose significantly, up 1.402 million barrels, while distillates were up 2.048 million barrels. At 4:49 pm EST, right after the API data release, WTI was at $47.63, while Brent was trading at $51.69. (Click to enlarge) On Friday, crude oil prices had…

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