API Reports US Crude Oil Inventories Continue Downward Trend

The American Petroleum Institute (API) reported that US crude oil inventories decreased by 2.6 million barrels in the week ending August 28, following a rise of 4.2 million barrels in the prior week.

This marks the decline for the fourth time this year, with commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) falling by just over 48 million barrels over the last twenty weeks.

The SPR continues to be a key factor in managing oil levels, with another 3.1 million barrels released from its reserves in the same week, bringing total SPR holdings to 286.6 million barrels, a level 445 million barrels below its maximum capacity.