API shows sharp drop in crude, product inventories

Crude oil and fuel stocks fell sharply in the most recent week, according to two market sources, citing American Petroleum Institute figures.

Crude stocks fell by 7.7 million barrels in the week ended April 30. Gasoline inventories fell by 5.3 million barrels and distillate stocks fell by 3.5 million barrels, the data showed, according to the sources, who spoke on condition of anonymity.