EIA Report Shows US Crude Oil Inventories Shrinking

Crude oil inventories in the United States decreased by 3.0 million barrels during the week ending August 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 423.7 million barrels according to government data, which is 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories shrank by 4.2 million barrels. Crude prices were trading…