WTI crude oil price fell for the first time in 6 days, pulling back to 88 in European session, as investors awaited the US inventory report. The industry-sponsored American Petroleum Institute said yesterday that crude inventory increased +5.13 mmb to 352.18 mmb in the week ended August 26. For oil products, gasoline stockpile fell -3.11 mmb to 210.80 mmb while distillate added +0.28 mmb to 153.11. The market expects the DOE/EIA will report a -0.5 mmb and -0.95 mmb drops in crude and gasoline inventories respectively. Distillate stockpile probably rose +0.9 mmb.
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Oil Prices Retreat as Investors Await Inventory Report
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