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The American Petroleum Institute reports that 7.4 million barrels of oil were drawn into U.S. commercial reserves for the week ending August 30.
Gasoline inventories are reported to be down 300,000 barrels for the week, distillate inventories are reported to be down 100,000 barrels for the week, and distillate inventories are reported to be down 100,000 barrels for the week. 400,000 barrels, and reserves at the Cushing, Oklahoma, storage facility show a withdrawal of 800,000 barrels.
The Energy Information Administration is set to release its weekly report on U.S. oil supplies on Thursday morning, a day later than usual due to the Labor Day holiday; analysts surveyed by Macquarie forecast commercial crude stocks would fall by 3.1 million barrels, gasoline inventories would rise by 900,000 barrels and distillates would rise by 2.3 million barrels.
October WTI crude oil (CL1:COM) recently traded at $68.89 a barrel after closing at $69.20 a barrel on Wednesday.
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