Crudo Oil Supply in the USA shrinks by 4.4m barrels
Large slump in oil production likely to raise prices in general.
The American Petroleum Institute reported that 4.4 million barrels of oil were withdrawn in the week ended Aug. 7. The gasoline inventory reportedly yielded 1.31 million barrels, the distillate inventory yielded 2.95 million barrels, and the Cushing inventory reported 1.07 million barrels. According to analysts polled by S&P Global Platts, crude oil inventories are expected to have dropped 4.7 million barrels over the past week, according to data released tomorrow by the Energy Information Administration. September WTI (CL1: COM) recently traded electronically at $ 41.72 / bbl after hovering at $ 41.61 / bbl today. USO + 0.5% after close of business.