U.S. Oil Inventories Plummet as Fuel Demand Weakens

The U.S. Energy Information Administration (EIA) released data showing that crude oil inventories in the United States decreased by 4.5 million barrels during the week ending August 28.

This brings commercial stockpiles to 424.5 million barrels, which is now 1% above the five-year average for this time of year, according to the EIA's data release on Wednesday.

The decrease in inventories was also reported by API a day earlier, with a drop of 2.6 million barrels in the same period.