US Crude Inventories Draw Down While Prices Fall

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, noting that inventories declined by 577,000 barrels in the week ending July 18. So far this year, crude oil inventories are up 11 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) saw another rare drop this week, dropping another 200,000 barrels to 402.5 million barrels in the week ending July…