The U.S. saw a drop of 6 million barrels of crude oil in storage as of the most recent reporting period field by the U.S. Energy Information Administration.
The report issued on Wednesday indicated that as of the week of August 15, the total crude in storage was 420.7 million barrels, down from the 426.7 million barrels recorded the week of August 8. A year ago, the U.S. crude storage totaled 426.0 million barrels.
The Cusing Hub in northern Oklahoma increased in the same reporting period. It grew from 23.1 million barrels as of the week of August 8 to 23.5 million barrels the following week of August 15. Cushing still holds more than it did at the start of July when the total was 21.2 million barrels.
