Oil Inventories Dropped by 5M Barrels Last Week – EIA

Stockpiles of U.S. crude dropped for the second straight week, the Energy Information Administration reported.

Oil prices remained higher following the report, with WTI futures climbing more than 3%.

Oil inventories fell by about 5 million barrels for the week ended May 15, the EIA said. That compared with expectations for a build of about 1.15 million barrels, according to forecasts compiled by Investing.com.

Cushing hub inventories fell another 5.8 million barrels, almost aligning with the decline in total inventories.

“I think we can take our eyes off Cushing as it’s no longer a hot button issue — the tanks aren’t going to blow there anytime in the near future,” Investing.com analyst Barani Krishnan said.

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Source: Investing.com