Institute of Petroleum data shows sharp decline in US oil stocks By Reuters

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© Reuters. An oil pump works in a well near Denver, Colorado, USA. Photo from the Reuters archive.

NEW YORK (Reuters) – Stockpiles in the United States fell sharply last week, two market sources said, citing figures from the American Petroleum Institute, while gasoline stocks fell while distillate stocks rose.

According to the sources, the data showed that US crude stocks fell by eight million barrels during the week ending on the second of July, while gasoline stocks fell by 2.7 million barrels. Distillate stocks, which include diesel and heating oil, increased by 1.1 million barrels.

(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)

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