Oil tanks
US crude oil inventories fell sharply in the week ended May 15, according to estimates from the American Petroleum Institute (API), in line with declines in refined product stockpiles. 
In a report released on May 19, API said that commercial crude inventories dropped by 9.1 million barrels during the week, compared with expectations for a decline of 3.4 million barrels.
Gasoline inventories also decreased by 5.8 million barrels over the same period, while distillate stocks — including diesel and heating oil — declined by 1 million barrels.
Investors are now awaiting official data from the US Energy Information Administration due today, May 20, with forecasts pointing to a fifth consecutive weekly decline in crude inventories by around 3 million barrels.
At settlement on Tuesday, Brent crude futures for July delivery fell 0.73%, or 82 cents, to close at $111.28 a barrel.
US WTI crude futures for June delivery — which expired on Tuesday — declined 0.82%, or 89 cents, to settle at $107.77 a barrel.
Amid continued rapid depletion of reserves due to the Middle East conflict, API noted that US oil inventories remain 26 million barrels higher year to date, compared with 35 million barrels in the previous week’s report.
Oil tanks
US crude oil inventories fell sharply in the week ended May 15, according to estimates from the American Petroleum Institute (API), in line with declines in refined product stockpiles.
In a report released on May 19, API said that commercial crude inventories dropped by 9.1 million barrels during the week, compared with expectations for a decline of 3.4 million barrels.
Gasoline inventories also decreased by 5.8 million barrels over the same period, while distillate stocks — including diesel and heating oil — declined by 1 million barrels.
Investors are now awaiting official data from the US Energy Information Administration due today, May 20, with forecasts pointing to a fifth consecutive weekly decline in crude inventories by around 3 million barrels.
At settlement on Tuesday, Brent crude futures for July delivery fell 0.73%, or 82 cents, to close at $111.28 a barrel.
US WTI crude futures for June delivery — which expired on Tuesday — declined 0.82%, or 89 cents, to settle at $107.77 a barrel.
Amid continued rapid depletion of reserves due to the Middle East conflict, API noted that US oil inventories remain 26 million barrels higher year to date, compared with 35 million barrels in the previous week’s report.
