Oil prices climb as U.S. crude inventories drop (reuters)

U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels C-STK-T-EIA in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.

Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.

Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed.

“Gasoline and distillates inventories both rose substantially. The U.S. summer driving season has proven to be a lacklustre one in terms of gasoline demand,” said O’Loughlin.
more detail at source: https://www.reuters.com/article/global-oil/oil-prices-climb-as-u-s-crude-inventories-drop-idUSL3N1VT07S

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