Crude Oil Inventory Drops by 4.5 Million Barrels in Week Ended August 28
According to the U.S. Energy Information Administration (EIA), commercial crude oil inventory fell by 4.5 million barrels for the week ended August 28, significantly below expectations and a reversal from the previous week's slight increase of 0.1 million barrels. The drawdown exceeded analysts' consensus estimate of -0.4 million barrels, signaling stronger-than-expected demand or reduced supply in the market. Gasoline inventory also declined by 1.2 million barrels during the same period, adding to signs that refining activity and consumer usage may be increasing ahead of seasonal shifts. The drop in crude stocks could support higher oil prices as it suggests tighter supply conditions than previously anticipated.
Topics: crude oil energy inventory oil market