Crude Oil Inventory Drop Falls Short of Expectations

Crude oil inventories in the United States fell by 1.5 million barrels for the week ending September 27, according to The American Petroleum Institute (API). Analysts had expected a drop of 2.1 million barrels. For the week prior, the API reported a 4.339-million-barrel decrease in crude inventories. So far this year, crude oil inventories nearly 17 million barrels under where they were at the start of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve…