Crude Oil Inventories Continue to Fall

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by another 3.674 million barrels in the week ending September 30. This is on top of last week’s 3.821 million barrel draw. So far this year, net crude oil inventories are have swung to a loss this week of 2.

22 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 700,000 barrels to 406.7 million…