The U.S. saw another significant drop in the amount of crude oil stocks in the past week while Cushing recorded a slight gain. Both have seen dramatic declines in stocks since early July.
The U.S .Energy Information Administration reported Wednesday the U.S. stocks fell 3.7 million barrels from 433 million barrels as of July 26 to 429.3 million barrels recorded on August 2 of this year.
It reflects a loss of 7.2 million barrels since July 19 and a decline of 15.8 million barrels since the 5th of July.
Cushing saw its crude oil stocks climb by 500,000 barrels, going from 29.9 million barrels on July 26 to 30.4 million barrels as of August 2. The Cushing Hub remains 3.1 million barrels below the total of 33.5 million recorded on July 5.
