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Breaking: Oil Inventories Fall by 6.36M Barrels Last Week: API

U.S. oil stockpiles declined for a six-straight week as American producers braced for the onslaught of Hurricane Laura.

U.S. crude inventories fell by 6.36 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 4.5 million barrels the previous week.

The latest weekly draw comes after some U.S. producers halted operations last week in anticipation of Hurricane Laura, which made landfall along the U.S. Gulf Coast but its impact was not as widespread as many had feared.  

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 1.03% after settling 0.4% higher at $42.76 a barrel on Tuesday. Oil prices were supported by better-than-expected U.S. manufacturing data, which strengthened expectations that the recovery in crude demand would remain on track.

Reference by: Yasin Ebrahim