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U.S. oil falls to 7-week low as EIA report fuels downbeat mood

“The API data also showed supplies of gasoline gained 3.1 million barrels, while distillate stockpiles added 1.8 million barrels, sources said” writes Rachel Koning Beals for marketwatch.com. Oil prices turned sharply lower Wednesday as the bullish narrative that had buoyed crude futures for the past two sessions—supply disruptions and strong demand—appeared to reverse course for now.A weaker-than-expected drawdown in crude stockpiles added to the downbeat action in oil futures when the U.S. Energy Information Administration reported that domestic crude supplies declined by 1.351 million barrels for the week ended Aug. 3.The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 6 million barrels for the week ended Aug. 3, according to sources.
Source: marketwatch.com

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