Key facts
- US crude oil inventories decreased by 8 million barrels for the week ending May 29.
- Commercial stockpiles now stand at 433.7 million barrels.
- This level is 3% below the five-year average for this time of year.
- API reported a draw of 6.75 million barrels for the same period.
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). This significant draw brings commercial stockpiles to 433.7 million barrels, which is 3% below the five-year average for this time of year. The EIA's figures follow the American Petroleum Institute's (API) report from the previous day, which indicated a draw of 6.75 million barrels for the same period.