US Crude Oil Inventories in Freefall: EIA
Crude oil inventories in the United States decreased by 8.0 million barrels during the week ending May 29, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 433.7 million barrels, according to government data, which is now 3% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 6.75 million barrels in the period.
Crude prices were rising in early morning trading. At 7:12 a.m. in New York, Brent was trading at $98.24 per barrel—up $2.21 (+2.30%) on the day and up $1.50 per barrel from this time last week. WTI was also trading up on the day by $2.13 per barrel (+2.27%) in early morning trade at $95.99. Read More