Oil started the day on a slight upswing, but following today’s Petroleum Weekly Status Report issued by the EIA, the price began to plummet, ending the day down 4.76%. Initial reports coming last night from the American Petroleum institute (API) showed a draw on inventories of 6.7 million barrels. However, the API was just setting up the EIA for disappointing news. The EIA reported Thursday morning that domestic crude oil supplies declined by 2.2 million barrels.

The draw on inventories was less than initially anticipated following the A...


Legal Notice