Data from the federal government shows the amount of crude oil in storage at Oklahoma’s Cushing hub declined in the past week.
The U.S. Energy Information Administration reported that Cushing held 35.2 million barrels of crude oil as of March 24, down from the 36.8 million barrels recorded as of March 17.
Crude stocks at Cushing have been on the decline since it reached 40.7 million barrels of oil on February 24 of this year.
A year ago, Cushing maintained 24.2 million barrels of crude oil.
The U.S. total of crude oil in storage was 473.7 million barrels, a decline of 7.5 million barrels from the previous week. However, the total is also 63.7 million more barrels compared to a year ago.
