U.S. Crude Inventories Drop amid Continued SPR Draws

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the week ending August 28. In the week prior, US crude oil inventories rose by 4.2 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3.1 million for the year, according to API data, kept in check by draws from the SPR. For week ending August 28, another 3.1 million barrels left the SPR to aid commercial inventories,…