Energy Preview: US crude oil, gasoline inventories continue to fall, EIA data shows

Crude oil inventories in the United States decreased by 4.3 million barrels during the week ending May 8, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 452.9 million barrels, according to government data, which is 0.3% below the five-year average for this time of year. According to weekly EIA data, crude oil inventories in the United States have decreased by a total 3.3 million barrels over the last 7 weeks. 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 2.188 million barrels in the period. For total motor gasoline, the EIA reported that inventories had decreased by 4.1 million barrels after sinking by 2.5 million barrels in the week prior.

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