US EIA Reports Major Drop in Crude Oil Inventories, API Shows Decrease in Stocks; Gasoline and Distillate Inventories Vary

The Energy Information Administration (EIA) and American Petroleum Institute (API) released data on US oil inventories. EIA reported a significant decrease in crude oil inventories by 6.368 million barrels, surpassing expectations. API also noted a drop in crude oil stocks by 3.23 million barrels. Distillate and gasoline inventories showed mixed results compared to forecasts.