The American Petroleum Institute (API) on Wednesday reported a draw of 1.2 million barrels in the U.S. crude oil inventories for the week ending Aug. 31.
The institute reported a slight buildup of 0.038 million barrels in the oil inventories for the previous week.
Oil prices declined on Wednesday over renewed concerns about weakening of petroleum demand in emerging markets.
The West Texas Intermediate (WTI) for October delivery fell 1.15 U.S. dollars, or 1.65 percent, to settle at 68.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 1.03 dollars, or 1.32 percent, to 77.14 dollars a barrel on the London ICE Futures Exchange.
The institute reported a slight buildup of 0.038 million barrels in the oil inventories for the previous week.
Oil prices declined on Wednesday over renewed concerns about weakening of petroleum demand in emerging markets.
The West Texas Intermediate (WTI) for October delivery fell 1.15 U.S. dollars, or 1.65 percent, to settle at 68.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 1.03 dollars, or 1.32 percent, to 77.14 dollars a barrel on the London ICE Futures Exchange.
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