EIA: US Crude Inventories Sag As Oil Products Grow

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US crude oil inventories decreased by 1.8 million barrels, bringing stockpiles to 425.7 million barrels, 4% below the five-year average. This indicates a potential increase in oil demand or decrease in supply. The data follows API's earlier release suggesting a similar trend.

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Crude oil inventories in the United States decreased by 1.8 million barrels during the week ending December 5, after adding a modest 600,000 barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 425.7 million barrels according to government data, which is 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories…

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