Commodities Buzz: US crude oil inventories post weekly decline

Crude oil inventories in the United States decreased by 607,000 barrels during the week ending September 19, after shrinking by 9.3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The move brings commercial stockpiles to 414.8 million barrels according to government data, which is 4% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which suggested that crude oil inventories contracted by 3.82 million barrels. For total motor gasoline, the EIA reported a decrease of 1.1 million barrels, after the week prior?s 2.3-million-barrel decrease. The most recent figures showed average daily gasoline production increasing to 9.7 million barrels.

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