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Crude Inventories Have Fallen To "Precariously Low" Levels
Crude Inventories Have Fallen To "Precariously Low" Levels
U.S. crude inventories fell sharply last week as refineries ramped up production to capitalize on higher fuel prices following renewed conflict with Iran, according to Financial Times.
Commercial crude stockpiles declined by 7.2 million barrels, while the Strategic Petroleum Reserve (SPR) dropped another 3.8 million barrels. Refineries operated at 97% of capacity nationwide, with some Midwest facilities running at full capacity as exports to Asia and Europe increased.
FT writes that the drawdown comes as renewed fighting between the U.S. and Iran continues to disrupt...
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