U.S. API Reports Significant Drop in Refined Oil Stocks

The American Petroleum Institute (API) reported a substantial decrease in U.S. refined oil inventories for the week ending April 17. According to Jin10, the stocks fell by 4.59 million barrels, surpassing the expected decline of 2.5 million barrels. The previous week's data showed a reduction of 3.363 million barrels. This larger-than-anticipated drop in inventories may influence market dynamics and oil prices.