US crude oil record first drop in four weeks

Oil tanks

Crude oil inventories in the United States fell for the first time in four weeks during the seven-day period ending March 21.

According to data released by the US Energy Information Administration (EIA) on March 26, commercial crude oil inventories decreased by 3.3 million barrels last week, while market expectations had indicated an increase of 1 million barrels.

Gasoline inventories also declined by 1.4 million barrels, while distillate stocks—which include diesel and heating oil—dropped by 400,000 barrels.