Crude oil inventories in the United States fell by a staggering 7.4 million barrels for the week ending August 30
, according to The American Petroleum Institute API . Analysts had expected a far smaller 900,000-barrel dip. For the week prior, the API reported a 3.4-million-barrel decrease in crude inventories. So far this year, crude oil inventories are more than 2 million barrels under where they were at the start of the year, having decreased by 10 million barrels, according to API data.
38—bringing the total loss to more than $7 per barrel from last Tuesday as disappointing economic data out of the United States and China spooked markets. The U.S. benchmark WTI was also trading down on the day by $1.48 -2.10% at $68.84—down nearly $7 per barrel from last Tuesday. Gasoline inventories also fell this week, by 300,000 barrels, on top of last week’s 1.86-million-barrel decrease.
Oil Inventories Crude Gasoline Refining Distillates Downstream
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