U.S. crude stockpiles fell 974K barrels last week, API says

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The American Petroleum Institute reportedly shows a draw of 974K barrels of oil in U.S. commercial stockpiles for the week ending August 22.

Gasoline inventories reportedly show a draw of 2.06M barrels for the week, distillate inventories show a draw of 1.49M barrels, and Cushing inventories show a draw of 497K 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 1.9M barrels, gasoline inventories were expected to fall by 1.7M barrels, and distillate inventories were seen rising by 900K barrels.

WTI October crude oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) recently traded at $63.36/bbl, up slightly from its $63.25/bbl settlement price.

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

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