U.S. crude stockpiles fell 2.4M barrels last week, API says

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The American Petroleum Institute reportedly shows a draw of 2.4M barrels of oil in U.S. commercial stockpiles for the week ending August 15.

Gasoline inventories reportedly show a draw of 1M barrels for the week, distillate inventories show a build of 500K barrels, and Cushing inventories show a draw of 100K barrels for the week.

The Energy Information Administration will release its weekly U.S. petroleum supply report on Wednesday; the averages of analysts surveyed by _The Wall Street Journal_ forecast domestic commercial crude stocks fell by 1.5M barrels, gasoline inventories were expected to fall by 1.3M barrels, and distillate inventories were seen rising by 700K barrels.

WTI September crude oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) recently traded at $62.54/bbl, up slightly from its $62.35/bbl settlement price.

ETF: (NYSEARCA:USO [https://seekingalpha.com/symbol/USO])

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