Oil futures remain lower after EIA reports fall in U.S. crude inventories

Oil futures remained under pressure Wednesday after the Energy Information Administration said U.S. crude inventories fell by 400,000 barrels last week. The EIA also said gasoline inventories dropped by 1.4 million barrels, while distillate stocks rose 1.8 million barrels. Analysts surveyed by S&P Global Platts, on average, had looked for the EIA to show crude stocks down 600,000 barrels, while gasoline stocks were expected to fall 2.4 million barrels and distillates were seen down 600,000 barrels. The American Petroleum Institute late Tuesday said U.S. crude-oil inventories fell 816,000 barrels last week, according to sources. Oil was under pressure Wednesday after the Biden administration pressed the Organization of the Petroleum Exporting Countries and its allies to boost output and called on the Federal Trade Commission to investigate whether illegal practices were contributing to a rise in gasoline prices. West Texas Intermediate crude for September delivery was down 47 cents, or 0.7%, at $67.82 a barrel on the New York Mercantile Exchange, off its session low of $66.67. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Oil futures remain lower after EIA reports fall in U.S. crude inventories
Oil futures remained under pressure Wednesday after the Energy Information Administration said U.S. crude inventories fell by 400,000 barrels last week. The EIA also said gasoline inventories dropped by 1.4 million barrels, while distillate stocks rose 1.8 million barrels. Analysts surveyed by S&P Global Platts, on average, had looked for the EIA to show crude stocks down 600,000 barrels, while gasoline stocks were expected to fall 2.4 million barrels and distillates were seen down 600,000 barrels. The American Petroleum Institute late Tuesday said U.S. crude-oil inventories fell 816,000 barrels last week, according to sources. Oil was under pressure Wednesday after the Biden administration pressed the Organization of the Petroleum Exporting Countries and its allies to boost output and called on the Federal Trade Commission to investigate whether illegal practices were contributing to a rise in gasoline prices. West Texas Intermediate crude for September delivery was down 47 cents, or 0.7%, at $67.82 a barrel on the New York Mercantile Exchange, off its session low of $66.67. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.