Oil
API: Crude, Product Inventories Continue to Draw
CEII brief
OilPrice.com reported on 20 Oct 2026: API: Crude, Product Inventories Continue to Draw.
Read the full story on OilPrice.comThe American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.93 million barrels in the week ending October 16. In the week prior, US crude oil inventories fell by a staggering 11.12 million barrels.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
17.3% of United States’s merchandise exports were fuels in 2025Countries in this story
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