Industry News

U.S. crude oil inventories decrease last week

The American Petroleum Institute (API) on Tuesday reported a drop of 7.2 million barrels in the U.S. crude oil inventories for the week ending Sept. 6.
API reported a small increase of 401,000 barrels of crude oil inventories for the previous week ending Aug. 30, while the U.S. Energy Information Administration (EIA) reported a decrease of 4.8 million barrels.
Oil prices declined on Tuesday after U.S. President Donald Trump said National Security Adviser John Bolton has resigned upon his request.
The West Texas Intermediate (WTI) for October delivery decreased 0.45 U.S. dollar to settle at 57.40 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery declined 0.21 dollar to close at 62.38 dollars a barrel on the London ICE Futures Exchange.

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