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API Oil Figures

API Oil Inventories (Last Two Months)

Source: American Petroleum Institute

Crude oil supplies fell by 5.6 million barrels during the week ended Jan. 26, the

American Petroleum Institute

(API) reported Tuesday. According to a

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Reuters

poll, analysts were looking for a slight build of 0.5 million barrels, rather than a decrease. Total supplies of crude oil now stand at 282.81 million barrels, a drawdown of 1.95% from last week. Supplies are now at a 177,000-barrel surplus compared to a year ago.

For the same period ended Jan. 26, distillate stocks decreased by 425,000 barrels, bringing the total to 113.71 million. Analysts were looking for a much larger decline of 1.3 million barrels, according to

Reuters

. Supplies are now at a 1.81 million-barrel surplus compared to a year ago.