Significant Drop in US Crude Oil Inventories

In a surprising turn of events, the United States has witnessed a substantial decrease in its crude oil inventories. According to private data from the American Petroleum Institute (API), there was a notable reduction of 4.2 million barrels in the week ending August 1.

Mixed Movements in Other Oil Categories

While the crude oil inventories saw a significant drop, distillate inventories experienced an increase of 1.6 million barrels. Conversely, gasoline stockpiles decreased by 900,000 barrels. Additionally, reserves in Cushing, Oklahoma, saw an uptick of 1.7 million barrels.