U.S. Oil Inventories Fall, Production Matches 2023 Low
Inventories of U.S. crude oil fell by 600,000 barrels last week while production retreated to its lowest level this year.
According to the Energy Information Administration, data released on Wednesday, crude oil inventories in the United States saw a small decrease last week. This is the fourth week in a row that crude oil inventories have declined. According to the Energy Information Administration, U.S. crude oil production has fallen to its lowest level of this year. It is the first time since February 2016 that production has dropped below 9 million barrels per day.