U.S. crude inventories fell by 5.96 million barrels in the week to Aug. 11 to 439.7 million barrels
U.S. crude oil inventories fell last week as oil refiners increased run rates and exports surged, while crude production reached its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday.
“It shows that refiners are really struggling to keep up with demand, not just domestically but globally,” said Phil Flynn, an analyst at Price Futures Group. “That led to a decline in crude inventories.” Inventories are falling despite an increase in crude production, which rose to 12.7 million bpd, its highest since March 2020, when restrictions around the coronavirus pandemic caused a drop-off in fuel demand.
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