US Oil Stocks Drop, Prices Fall

Crude oil stockpiles in the U.S. experienced a significant drop of 1.8 million barrels, marking a four percent decrease below the five-year average. Despite this, crude oil prices traded lower on Wednesday. Gasoline inventories surged by 6.4 million barrels, while daily production decreased. Middle distillate inventories also rose, with production increasing. Overall, U.S. oil demand remained steady, with a one point six percent increase compared to the same period last year.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.