U.S. Crude Oil Stockpiles Fall More Than Expected
U.S. crude oil inventories fell more than expected last week as exports increased, and gasoline stocks declined amid a seasonal pickup in demand, according to data released Thursday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 2.8 million barrels to 440.4 million barrels in the week ended May 23 and were about 6% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 600,000 barrels.
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