Lower crude oil prices on Thursday in the U.S. were apparently the result of falling crude oil stocks over the past week.
The U.S. Energy Information Administration reported a drop of 2.2 million barrels of crude oil. The U.S. stocks totaled 422.7 million barrels on Oct. 4 but fell to 420.5 million barrels the week of Oct. 11.
While the nation’s crude oil supplies fell, it wasn’t the case at the Cushing Hub in northern Oklahoma. Instead, the amount of crude oil in storage at the nation’s largest tank farm increased 1.2 million barrels.
As of the week of Oct. 11, Cushing held 24.9 million barrels of oil, up from the 23.7 million reported the week of Oct. 4.