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US Crude Oil Inventories Fall, API Says

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Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 564,000 barrels in the week ended July 14, according to API data compiled by MacroEdge on X.

This decline follows a 399,000-barrel draw the previous week, and compares with analysts' estimate of a 2.7-million-barrel decrease according to a Bloomberg-compiled survey.

The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

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