API shows US crude stocks fall for fifth straight week, fuel inventories also drop, sources say

U.S. crude oil inventories fell for a fifth straight week last week, according to API data cited by market sources, while fuel stocks also declined. The report points to tighter near-term oil supply conditions, but it is routine inventory data rather than a major market shock.

Analysis

U.S. crude oil inventories fell for a fifth straight week last week, according to API data cited by market sources, while fuel stocks also declined. The report points to tighter near-term oil supply conditions, but it is routine inventory data rather than a major market shock.