"Crude Inventory Crash Sends Oil Prices Soaring"

Crude oil inventories in the United States experienced an unexpected drop of 15.4 million barrels, the largest single-week decline in years, according to the American Petroleum Institute (API). This comes after analysts were expecting a draw of 900,000 barrels. Gasoline inventories also saw a decrease, falling by 1.68 million barrels. The price of WTI and Brent crude oil was trading down ahead of the data release. Crude oil production in the United States remained flat at 12.2 million bpd, while inventories at Cushing, Oklahoma, fell by 1.76 million barrels.