U.S. crude stocks fell by nearly 5 million barrels in the past week, reported the U.S. Energy Information Administration. At the same time, the amount of crude oil held in storage at Oklahoma’s Cushing Hub dropped by 600,000 barrels.
Cushing’s total fell from 28.8 million barrels as of August 9 to 28.2 million barrels on August 16. It has also decllined by 2.2 million barrels since August 2.
The U.S. total, according to the EIA, dropped from 430.7 million barrels to 426 million barrels as of August 16. It represented a drop of 4.7 million barrels. The nation’s amount of crude oil in storage also declined 3.3 million barrels since August 2.