Washington: U.S. commercial crude oil inventories decreased by 3,455 thousand barrels to 420,299 thousand barrels, APA-Economics reports. This decline was outlined in a report published by the Energy Information Administration (EIA) under the U.S. Department of Energy.
According to Azeri-Press News Agency, analysts had previously forecast a decline of 2,000 barrels in U.S. commercial crude oil inventories. The data on U.S. oil inventories holds significant sway over global oil prices, often referred to as ‘black gold’.