Oil tanks
US crude oil inventories fell in the week ended May 1, while gasoline and distillate stockpiles also declined, according to estimates released by the American Petroleum Institute (API) on Tuesday. 
Commercial crude inventories dropped by 8.1 million barrels last week, compared with expectations for a decline of 2.8 million barrels.
Gasoline inventories fell by 6.1 million barrels over the same period, while distillate stocks, including diesel and heating oil, declined by 4.6 million barrels, the report showed.
Markets are awaiting official data from the Energy Information Administration today, May 6, with analysts expecting US crude inventories to decrease by 2.3 million barrels.
Brent crude futures for July settlement fell 3.99%, or $4.57, to settle at $109.87 a barrel, while US West Texas Intermediate crude for June delivery dropped 3.90%, or $4.15, to $102.27 a barrel.
The API report also showed that commercial crude inventories in the world’s largest economy have gone up by 37 million barrels since the start of 2026.
Oil tanks
US crude oil inventories fell in the week ended May 1, while gasoline and distillate stockpiles also declined, according to estimates released by the American Petroleum Institute (API) on Tuesday.
Commercial crude inventories dropped by 8.1 million barrels last week, compared with expectations for a decline of 2.8 million barrels.
Gasoline inventories fell by 6.1 million barrels over the same period, while distillate stocks, including diesel and heating oil, declined by 4.6 million barrels, the report showed.
Markets are awaiting official data from the Energy Information Administration today, May 6, with analysts expecting US crude inventories to decrease by 2.3 million barrels.
Brent crude futures for July settlement fell 3.99%, or $4.57, to settle at $109.87 a barrel, while US West Texas Intermediate crude for June delivery dropped 3.90%, or $4.15, to $102.27 a barrel.
The API report also showed that commercial crude inventories in the world’s largest economy have gone up by 37 million barrels since the start of 2026.
