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EIA: US Crude Oil Inventories Down by 4.7 M Barrels

M. Ali 26 August, 2020 8:03 pm Commodities, Market Update

Crude oil inventories in the United States declined for the fifth consecutive week, according to data by the US Energy Information Administration (EIA) on Wednesday.

Oil stockpiles decreased by 4.7 million barrels last week to a total of 507.8 million barrels.

On Tuesday, Estimates by the American Petroleum Institute (API) showed that crude oil inventories in the United States decreased by 4.5 million barrels for the week ending on August 21.

It is worth noting that there are currently output disruptions in the Gulf of Mexico due to Hurricane Laura.

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