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U.S. Oil Inventories Down 3M Barrels in Week: EIA

M. Ali 25 August, 2021 8:01 pm Commodities, Market Update

Crude oil inventories in the United States declined by three million barrels last week, according to official figures released on Wednesday by the U.S. Energy Information Administration (EIA).

The decline, which exceeded market expectations, brought oil supplies to 432.6 million barrels, nearly 6% below the five-year average.

In the week before, oil inventories fell to their lowest level since January 2020.

Gasoline stockpiles decreased by 2.2 million barrels to a total of 225.9, while distillate inventories rose by 645,000 barrels.

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