Commodities Buzz: US crude oil inventories continue to plunge, API data shows

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.75 million barrels in the week ending May 29. In the week prior, US crude oil inventories fell by 2.8 million barrels. Despite the sharp dropoff of the last several weeks, US crude inventories have risen by 16 million barrels so far this year, according to API data. Gasoline inventories saw a build this week of 3.45 million barrels in the week ending May 29. In the week prior, gasoline inventories fell by 3.199 million barrels.

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