U.S. Crude Oil Inventories Drop 4.5 Million Barrels
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The U.S. Energy Information Administration reported that crude oil inventories decreased by 4.5 million barrels to 424.5 million in the week ending August 28. This decline was driven by strong refinery demand and higher exports. Despite the draw, stockpiles remain 1% above the five-year average. The decrease in inventories comes as refineries operated at full capacity, with some facilities even operating above 103% of their capacity in the Midwest.
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US crude oil inventories drop 4.5 million barrels last week
U.S. crude inventories fell 4.5M barrels last week to 424.5M barrels,...
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