U.S. crude stockpiles fell by 7.8M barrels last week, API says

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The American Petroleum Institute reportedly shows a draw of 7.85M barrels of oil for the week ending November 25.

Gasoline inventories reportedly show a build of 2.85M barrels, distillate inventories show a build of 4.01M barrels, and stockpiles at the Cushing storage hub show a draw of 150K barrels.

The U.S. Energy Information Administration will release its weekly petroleum supply data on Wednesday, with analysts forecasting the report will show a 2.1M-barrel decline, according to a survey of analysts and traders by The Wall Street Journal.

January WTI crude oil (CL1:COM) recently traded at $78.90/bbl after settling Tuesday at $78.20/bbl on the New York Mercantile Exchange.

ETF: (NYSEARCA:USO)