API: Storm system causes steep drop in U.S. crude inventory

11/18/2009 | Reuters

U.S. crude-oil inventories fell sharply last week after storm-related disruptions to supplies in the Gulf of Mexico, according to the American Petroleum Institute. Crude stockpiles fell by 4.4 million barrels in the week ending Nov. 13, much higher than analyst expectations of a 300,000-barrel dip. The steep inventory decline came after Tropical Storm Ida forced oil and natural gas producers in the Gulf of Mexico to shut down offshore operations.

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