U.S. Oil Inventories at Lowest Since January 2020

Crude oil inventories in the United States declined last week to their lowest level since January 2020.

Inventories dropped by 3.2 million barrels in the week ending August 13, reaching 435.5 million barrels, according to official figures released on Wednesday by the U.S. Energy Information Administration (EIA).

The decline in crude oil inventories although expected came higher than most market expectations.

Another decline was seen in distillate inventories by 2.7 million barrels, while gasoline stockpiles increased by 696,000 barrels to a total of 228.2 million barrels, with both readings coming against market expectations.