U.S. Crude Inventories Drop amid Continued SPR Draws

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2. 6 million barrels in the week ending August 28. In the week prior, US crude oil inventories rose by 4. 2 million barrels.

Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3. 1 million for the year, according to API data, kept in check by draws from the SPR. For week ending August 28, another 3.