Crude oil dropped as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity.
U.S. crude oil stocks fell by an estimated 5.8 million barrels at the end of last week, the API said, beating an expected draw of 1.9 million barrels.
Hurricane Harvey wreaked havoc in Texas, ripping through the heart of the U.S. oil industry, knocking out several refiners in the region, weighing on refining capacity.
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