Commodities Buzz: US crude oil inventories fall by 2.6 million barrels, API data shows

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the week ending August 28. In the week prior, US crude oil inventories rose by 4.2 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3.1 million for the year, according to API data, kept in check by draws from the SPR. Gasoline inventories rose last week by 300,000 barrels in the week ending August 28. In the week prior, gasoline inventories fell by 3.2 million barrels.

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