Crude Oil Inventories Slide 1% as US Output Rises
US crude oil inventories decreased by 1% in the week ending August 28, according to data from the Energy Information Administration (EIA).
Inventories fell by approximately 4.5 million barrels to around 424.5 million barrels, while market expectations had forecast a decrease of about 400,000 barrels.
US crude oil production rose by 19,000 barrels per day (bpd) to about 13.86 million bpd during the same period.