US crude inventories hits lowest level in a year, fuel builds, EIA says

U.S. crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose, the Energy Information Administration (EIA) said.

Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 500,000-barrel draw.

Stocks, excluding the Strategic Petroleum Reserve, hit their lowest level since September 2023. In the Midwest, crude inventories declined to their lowest since December 2014.

At the Cushing, Oklahoma, delivery hub for U.S. crude futures, opens new tab, stocks fell by 2 million barrels, the EIA said.