US crude stockpiles fell 564K barrels last week, API says

The American Petroleum Institute reported a 564,000-barrel draw in U.S. commercial crude inventories for the week ended July 10, according to a person familiar with the data. It was the 13th consecutive weekly decline.

Gasoline stockpiles fell by 1.5 million barrels, the person said. Distillate inventories, which include diesel and heating oil, dropped by 1.2 million barrels.

The draw at Cushing, Oklahoma, the delivery point for the New York Mercantile Exchange crude contract, was 1.1 million barrels.

The API reported the figures after the close of regular trading. The U.S. Energy Information Administration will publish its own weekly inventory report Wednesday at 10:30 a.m. Eastern time.

USO, the United States Oil Fund, tracks front-month crude futures. The fund's Alpha Score is 40 out of 100, a Mixed label.