US Crude Stocks fall for 5th straight week

Crude inventories in the US dropped by 4.689 million barrels in the week ended August 21st, following an 1.632 million decline in the previous week and compared with analysts’ estimates of a 3.694 million fall, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories dropped by 0.279 million barrels, following a 0.6 million decline from last week.

Gasoline inventories fell by about 4.584 million barrels, following a 3.322 million decrease in the prior period and above analysts’ expectations of about 1.533 million barrels decline.

WTI Crude Oil (OIL.WTI) price rose after the release of today's EIA report and is testing the $43.66 resistance level. Source: xStation5

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Commodities

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