U.S. crude inventories fell for the 10th consecutive week, according to the latest weekly petroleum report from the Energy Information Administration (EIA). For the week ending on January 19, inventories declined by 1.1 million barrels. Total storage in the U.S. now stands at 411.6 million barrels – the lowest level since February 2015 – but in the average range for this time of the year. The drawdown led crude prices to rally in the market, which could translate to even higher pump prices for drivers depending on consumer gasoline demand trends in the first few months of the year.
U.S. crude inventories at lowest level in nearly three years