Commodities
US Oil Inventories Plummet as Hormuz Turmoil Continues
US oil inventories took a significant hit last week, plummeting by 7.2 million barrels to 404.5 million barrels, according to data from the U.S. Energy Information Administration (EIA). This decrease brings commercial stockpiles to levels now 7% below the five-year average for this time of year.
The EIA's figures come on the heels of API's release earlier in the week, which reported a decline of 3.296 million barrels in crude oil inventories during the same period.
The news sent crude futures soaring, with Brent trading at $90.03 per barrel and up $5.94 (+7.06%) on the day, albeit down roughly $3 from this time last week. WTI was also trending upward, up by $5.51 per barrel (+6.95%) to $84.77.