API Reports Significant Crude Oil Inventory Decline

Crude oil inventories in the United States fell this week, by 5.205 million barrels for the week ending August 9, according to The American Petroleum Institute (API), after analysts predicted a smaller 2 million barrel dip. For the week prior, the API reported a 180,000-barrel increase in crude inventories.  So far this year, crude oil inventories are close to where they were at the start of the year, having increased by 400,000 barrels, according to API data. On Monday, the Department of Energy (DoE) reported that crude oil inventories in…