The amount of crude oil in storage in the U.S. took another dip in the past week, reported the U.S. Energy Information Administration.
The drop included a slide of crude oil stocks also at the Cushing Hub in northern Oklahoma.
The EIA reported a fall of 1.2 million barrels of crude oil at storage sites across the nation, from 426 million barrels on August 16 to 425.2 million barrels as of August 23. The slide in crude storages totaled 15 million barrels since July 12.
The Cushing Hub, considered one of the premier storage sites in the country, held 27.5 million barrels as of August 23, down 700,000 barrels from the 28.2 million held there on August 16. Cushing has lost 5.2 million barrels since July 12. A year ago, Cushing held 29.2 million barrels of crude oil.