US Crude Inventories Dip Amid Rising Oil Prices

US crude oil inventories fell by 300,000 barrels in the week ending September 4, according to data from the American Petroleum Institute (API). This decline marks a reversal of the trend seen in the previous week, when US crude oil inventories dropped by 2.6 million barrels.

The API reported that commercial crude oil inventories excluding the Strategic Petroleum Reserve (SPR) have lost around 48 million barrels over the last 21 weeks. However, US crude inventories remain up 2.8 million for the year, which is being kept in check by draws from the SPR.

For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories, bringing the total inventory held in the SPR to 285.4 million barrels, a level that is still shy of maximum capacity by 446 million barrels.