U.S. crude oil futures regained some of the previous day’s losses to trade above $101 early on Wednesday, after industry data showed U.S. petroleum stockpiles fell much more sharply than expected. U.S. crude futures for September delivery rose 8 cents to $101.05 a barrel by 0000 GMT, after finishing 70 cents lower on Tuesday.
U.S. crude oil inventories fell by 4.4 million barrels in the week to July 25 to 369.4 million, compared with analysts’ expectations for a decrease of 1.5 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.
The U.S. Department of Energy’s Energy Information Administration (EIA) will release its own weekly petroleum stockpiles data later on Wednesday. CVR Refining’s 115,000-barrel-per-day refinery in Coffeyville, Kansas, a major consumer of West Texas Intermediate crude, was shut on Tuesday after a fire broke out at a unit that upgrades gasoline, injuring four employees.
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