U.S. crude stockpiles plunge by record volume following OPEC cuts
(Bloomberg) – U.S. crude stockpiles plunged by a record 17.05 MMbbl last week, in the latest sign of a tightening global market following output cuts by OPEC.
American inventories are now at the lowest since January, U.S. government data showed, a welcome sign for oil bulls who have been expecting tighter balances for months. Crude futures have recently rallied above $80 a barrel on the back of new production limits by Saudi Arabia and declining exports from Russia.
To be sure, the weekly inventory figures from the US Energy Information Administration are frequently revised, with large adjustments prompting some skepticism about the data’s accuracy.
