US Crude Inventories Down 3.1 M Barrels

Crude oil inventories in the United States decreased by 3.1 million barrels last week to stand at 500 million barrels, according to the weekly report by the U.S. Energy Information Administration (EIA) released on Wednesday.

Meanwhile, gasoline stockpiles rose by 1 million barrels to 238.9 million barrels and distillate stockpiles levelled up by 167,000 barrels.

It is worth noting that net US crude imports declined by 1.85 million barrels per day.