Commodities Buzz: US crude oil inventories dip by 640,000 barrels, EIA data shows

Crude oil inventories in the United States saw a decrease of 600,000 barrels during the week ending September 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 423.4 million barrels, according to government data, which are now 1% above with 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 reported that crude oil inventories had gained 7.14 million barrels in the period. For total motor gasoline, the EIA reported that inventories increased by 800,000 barrels, after gaining 1.3 million barrels in the week prior. The most recent figures showed that average daily gasoline production rose to 9.6 million barrels.

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