API Says U.S. Petroleum Demand Hit Its Highest August Level In 5 Years

U.S. demand of oil and refined products rose to their highest August level in five years, according to a monthly report from the American Petroleum Institute released Thursday. Total petroleum deliveries, which offer a measure of demand, rose 0.8% in August from the same time a year ago, to average almost 19.6 million barrels a day, the API said. Crude-oil production, meanwhile, averaged 9.3 million barrels a day in August, That's up 5.4% from August 2014. On the New York Mercantile Exchange, October crude settled Thursday at $46.90 a barrel, down 25 cents, or 0.5%.