The United States crude oil and gasoline inventory took a significant hit for the week ended 10 July 2020- reports American Petroleum Institute (or API)
- The U.S. commercial crude oil inventory, excluding the Strategic Petroleum Reserve (or SPR), plunged by 8.3 million barrels to reach 531 million barrels (as on 10 July 2020).
- Likewise, gasoline inventory plunged by 3.6 million barrels, significantly down against the market expectation of a fall of 643,000 barrels.
- However, API data shows that distillate inventories rose for the same period.
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