The latest crude oil stock report shows the Cushing Hub in Oklahoma lost millions of barrels of oil in the past week while the nation increased its supplies.
According to the U.S. Energy Information Administration, the Cushing Hub supply declined 4.5 million barrels, falling from 29.7 million barrels on Nov.1 to 25.2 million barrels the week of Nov. 8. Since late September, the amount held in the northern Oklahoma oil farm increased 1.5 million barrels, moving from 23.7 million to 25.2 million barrels.
The EIA reported the U.S. total crude supplies were 429.78 million barrels the week of Nov. 8, up from the 427.7 million barrels the week of Nov. 1. The U.S. total is up from the 13 million barrels from the 416.7 million barrels recorded the week of Sept. 27.
