U.S. Crude Oil, Product Inventories Present A Clean Sweep Of Draws

Crude oil inventories in the United States fell by 3.4 milllion barrels for the week ending August 23, according to The American Petroleum Institute (API), after analysts predicted a 3 million barrel dip. For the week prior, the API reported a 347,000-barrel increase in crude inventories. So far this year, crude oil inventories are more than 2 million barrels under where they were at the start of the year, having decreased by 2.642 million barrels, according to API data. On Monday, the Department of Energy (DoE) reported that crude oil inventories…