API Shows Sharp Drop in US Crude Oil, Distillate Inventories

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.8 million barrels in the week ending November 6. In the week prior, US crude oil inventories fell by 5.267 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 73 million barrels over the last 30 weeks, and 22 million over this year, according to API data, which has been kept in check in part thanks to draws from the SPR. For the week ending November 6, 2.7 million barrels of crude oil left the SPR to aid…