"Crude Oil Stocks Drop Sharply Ahead of OPEC+ Meeting"
TL;DR
The American Petroleum Institute (API) reported a significant draw of 6.490 million barrels in U.S. crude oil inventories for the week ending May 17, contrasting with the previous week's 2.48 million barrel increase. Gasoline inventories also fell by 452,000 barrels, while distillate inventories rose by 2.045 million barrels. Despite these changes, oil prices were trading down due to concerns over weak gasoline demand and economic data.
- API Reports Significant Draw in Crude Oil Inventories OilPrice.com
- Oil Falls Despite US Storage Drop as Traders Await OPEC+ Meeting Yahoo Finance
- U.S. Crude Oil Stocks Fall More Than Expected MarketWatch
- Latest Oil Market News and Analysis for May 30 Bloomberg
- Oil prices steady before stocks and inflation data, OPEC+ meeting Reuters
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