Crude Inventories Plummet, Boosting Oil Prices

The American Petroleum Institute (API) reported a surprise draw of 11.486 million barrels in U.S. crude inventories, compared to expectations of a 2.9 million barrel draw. This unexpected decline, along with China's economic activity, has led to an increase in oil prices. Gasoline inventories saw a build, while distillate inventories fell. The Strategic Petroleum Reserve (SPR) also saw a slight increase, but remains at a near 40-year low.