Oil prices spiked on Wednesday afternoon after the Energy Information Administration (EIA) reported a significant decrease in crude oil inventories in the United States, combined with the threat of oil production disruptions in the Gulf as a tropical cyclone has caused major oil companies to evacuate personnel to varying degrees. The EIA reported on Wednesday morning that oil inventories in the United States had decreased by nearing 10 million bpd last week—surpassing API’s yesterday estimates of an 8.1-million-barrel draw and more…
