The relationship between crude oil inventories, supply and demand dynamics, and oil prices is a matter of basic economic theory and common market observation, so no citation is needed.
The claim states the fundamental microeconomic principle that lower inventories (reflecting tighter supply or higher demand) lead to higher prices. This is a basic tenet of supply and demand dynamics that applies universally across commodity markets as a matter of definition and everyday market observation. Per instructions, trivial or foundational common knowledge claims do not require empirical citation.