API reports dramatic drop in US crude inventories – Trading Economics

US commercial crude inventories plunged lower by 11.49 million bbls in the week ended 25 August, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: Red oil drums on the US flag. Getty Images

Last week, the US Energy Information Administration (EIA) reported a draw of 6.13 million bbls in commercial US crude inventories.

This decline surpassed the 2.42 million-bbl drop estimated by API, Trading Economics said.

Meanwhile, the US commercial crude stock stood at 433.52 million bbls as of 18 August, which is the lowest level since December.

EIA’s official weekly crude inventory data is scheduled to be released later today.

By Konica Bhatt

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