The EIA report announced: Crude oil inventories have fallen for two consecutive weeks, and gasoline demand has fallen sharply

Crude oil prices rose and fell before the EIA released its crude oil inventory report on Wednesday (August 24), ushering in a slight fluctuation
after the release of the report.

The EIA report shows that domestic gasoline demand fell by more than 900,000 barrels last week, while crude oil inventories shrank
for the second consecutive week.
Traders are grappling with the possibility of increased supply from Iran amid record U.
S.
crude oil and refined product exports
.

The EIA released a report saying that in the week ended August 19, U.
S.
crude oil inventories fell by 3.
282 million barrels
.
According to the EIA, U.
S.
oil inventories fell by 7.
056 million barrels a week ago, which caused turmoil
in the crude oil market.

On the fuel side, gasoline inventories edged down 27,000 barrels in the week ended August 19, compared to a decrease of 4.
642 million barrels in
the week before.
Gasoline production decreased, with an average daily production of 536,000 barrels down last week and 185,000 barrels
in the previous week.

In terms of refined oil that has fallen to critical levels this year, the EIA estimates that inventories fell by 661,000 barrels in the week ended Aug.
19, up 766,000 barrels
from the previous week.
Refined oil production averaged 22,000 bpd last week, compared to 56,000 bpd
the previous week.
The refinery equipment utilization rate reached 93.
8%, compared with 93.
5%
the previous week.

Cushing, Oklahoma, meanwhile, had a crude oil inventory of 426,000 barrels, compared to 192,000 barrels
the week before.

Gasoline demand has once again reversed dramatically, with the data falling sharply to 914,000 bpd, erasing the previous
two weeks of growth.
The summer in the United States is coming to an end, and gasoline volatility is also waning
.
Based on a four-week average, demand is now 800,000 b/d
below the 2015-19 quarter average.

Sources say Iran is reviewing U.
S.
responses to the EU's plan to rescue the 2015 nuclear deal, with prices erasing earlier gains
.
If the two sides reach an agreement, hundreds of thousands of barrels of daily crude oil shipments could be released
.

Dennis Kissler, senior vice president of trading at BOK Financial, said market liquidity remains very thin and that "the Iran nuclear deal remains a good and bad news that continues to bring volatility to crude oil futures.
"