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U.S. crude inventories fall but oil futures trade lower

U.S. commercial crude stockpiles dropped 4.5 million barrels to 424.5 million in the week ending August 28, while WTI and Brent were down on the day.

Reported · Written up by our desk · Energy

OilPrice reports that U.S. crude oil inventories fell by 4.5 million barrels during the week ending August 28, according to data released by the U.S. Energy Information Administration (EIA) on Wednesday.

The EIA said commercial stockpiles rose to 424.5 million barrels, which is 1% above the five-year average for this time of year. The data followed an American Petroleum Institute (API) estimate from the prior day showing crude inventories down 2.6 million barrels over the same period.

OilPrice added that crude futures were trading lower in New York, with Brent futures at $94.01 per barrel, down $0.64 or 0.7% on the day. WTI was also down, at $89.24 per barrel, down $0.98 or 1.1% on Wednesday morning.

For refined products, the EIA reported total motor gasoline inventories decreased by 1.2 million barrels, after a 2.5 million-barrel drop in the prior week. Middle distillate inventories increased by 800,000 barrels, while distillates remain 14% below the five-year average.

Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%|Gasoline (RBOB) $3.096 ▼1.2%

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