API Data Shows Drop in Crude Inventory, EIA Data on Tap for Tomorrow
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Crude-oil inventories declined 550,000 barrels for the week ended June 15, according information from the American Petroleum Institute late on Tuesday.
The API report comes ahead of key inventory data from the Energy Information Administration due out Wednesday. A Reuter’s poll showed analysts are expecting a decline of 1 million barrels.
United States Oil ETF (NYSE: USO) moved higher during the intraday session ahead of the data, up 1.15 percent as WTI futures rose to $84.50 per barrel.
The API report comes ahead of key inventory data from the Energy Information Administration due out Wednesday. A Reuter’s poll showed analysts are expecting a decline of 1 million barrels.
United States Oil ETF (NYSE: USO) moved higher during the intraday session ahead of the data, up 1.15 percent as WTI futures rose to $84.50 per barrel.
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