FX.co ★ US Crude Oil Stocks Fall Most in Three Months

Crude oil inventories in the United States dropped significantly by 9.285 million barrels for the week ending September 12, marking the largest decline in three months and far exceeding market predictions of a 1.5 million-barrel decrease. In the Cushing, Oklahoma delivery hub, crude stocks experienced a modest reduction of 296,000 barrels. At the same time, gasoline inventories fell by 2.347 million barrels, which was notably greater than the anticipated decline of 0.7 million barrels. On the other hand, distillate stocks, encompassing diesel and heating oil, rose by 4.046 million barrels, surpassing the forecasted increase of 1.5 million barrels.