US Crude Oil, Gasoline Inventories Fall As Supply Crunch Fears Intensify
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- U.S. Energy Information Administration (EIA) reports crude inventories dropped 900,000 barrels, leaving 463.8 million barrels, 1% above the five‑year average.
- American Petroleum Institute (API) had earlier posted a 6.1‑million‑barrel build, highlighting a stark data discrepancy.
- Brent futures rose to $96.16 (+1.45%) and WTI to $92.58 (+1.42%) after earlier declines, reflecting tighter market sentiment.
- Western Australia is stockpiling diesel amid mounting global supply fears, underscoring broader concerns beyond the United States.
Why it matters: US crude inventories fell 900k barrels, tightening supply for refiners and nudging gasoline prices higher.
