The United States crude oil inventory plunged sharply for the week ended 8 May 2020, including at the Cushing, Oklahoma, storage hub – says EIA.
- The administration also suggested that it is for the first time the supply took a considerable hit since the COVID-19 outbreak choked the oil demand across the nation.
- As per the data from EIA, the U.S. crude stockpiles (excluding one in the strategic petroleum reserve) tumbled by 745,000 barrels to stand at 531.5 million barrels, which marked the first decline after fifteen weeks of consistent build.
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