Oil prices fall despite crude inventories dip

The nation’s stockpile of crude oil dropped by nearly 7 million barrels last week, but the bullish data did little to help oil prices.

Instead, crude prices fell Tuesday and Wednesday because of the ouster of President Trump’s hawkish national security adviser, John Bolton, and Trump’s new willingness to consider easing oil sanctions on Iran. A jump in Iranian crude production could help create a global glut in crude supplies

As for U.S. supplies, commercial crude stocks fell by 6.9 million barrels last week and gasoline inventories dipped by 700,000 barrels, according to the U.S. Energy Department. Total petroleum stocks only fell by 3.1 million barrels because of a buildup in distillate fuel oils used to make diesel and heating oils.

U.S. crude production is hovering near a record high at 12.4 million barrels a day, while crude exports last week were on the high end at 3.3 million barrels daily.