U.S. Markets open in 6 hrs 56 mins

Decline in US Crude Oil Inventories Supports Oil Prices

Gordon Kristopher
Decline in US Crude Oil Inventories Supports Oil Prices

On May 16, the EIA released its weekly crude oil inventory report. The EIA reported that US crude oil inventories declined by ~1.4 MMbbls to 432.3 MMbbls on May 4–11. The inventories also declined by 88.4 MMbbls or ~17% from a year ago.