Unexpected Drop in U.S. Crude Stocks Rattles Oil Markets

Last week, U.S. crude oil inventories plunged unexpectedly, catching market analysts off guard. The Department of Energy reported a significant 4.9 million barrel decline for the week ending July 12. Analysts had anticipated a 1 million barrel increase. This marked shift sent the total crude inventories down to 440.2 million barrels—5% below the five-year average […]