The nation’s crude oil stocks declined in the past week while the amount of crude in storage at the Cushing Hub in Oklahoma increased.
The U.S. Energy Information Administration reported the U.S. crude stocks fell 2.7 million barrels from 449.7 million barrels on November 24 to 445 million barrels as of the first of December.
A year ago, the U.S. crude oil stocks totaled 413.9 million barrels.
Cushing recorded an increase of 1.9 million barrels. On November 24, the Hub held 27.7 million barrels while a week later on December 1, its storage totaled 29.6 million barrels.
One year ago, the Hub held 21.2 million barrels, according to the EIA.