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API Oil Figures

API Oil Inventories, Last Two Months

Crude oil supplies fell by 1.99 million barrels during the week ended Jan. 19, the

American Petroleum Institute

(API) reported Tuesday. According to

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Reuters

, analysts were looking for a slight build of 0.15 million barrels, rather than the decrease in supplies. Total supplies of crude oil now stand at 288.44 million barrels, a drawdown of 0.7% from last week. In fact, the decline this week almost exactly matches the increase in barrels last week. Supplies are now down 3.1 million barrels, or 1.1% from this time last year.

For the same period ended Jan. 19, distillate oil stock decreased by 826,000 barrels to a total of 114.13 million barrels. Analysts were looking for a 1.75 million-barrel draw this week, over twice the actual, according to a

Reuters

poll. Supplies are now down 0.53 million barrels, or 0.5%, from 114.67 million barrels in the year-ago period.