And they're off! Crude oil prices are trying to recover after the American Petroleum institute (API) reported a significant 5.79 million-barrel drop in U.S. crude oil supply--the biggest draw since December 2016. This comes after a reported a 4.2 million-barrel drop a week ago.
Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.
While the energy markets are focused on crude and crude alone, the total U.S. petroleum stocks have been tightening more significantly. The Energy Information Administration reported that the total commercial petroleum stocks fell 4.7 million barrels compared to a 6.9 million barrel increase a year ago.