US oil inventories down 4.5M barrels last week: API

07/05/2025 Argaam
Oil tanks

Oil tanks

US crude oil inventories fell 4.49 million barrels during the week ended May 2, compared to expectations for a decrease of only 2.5 million barrels, the American Petroleum Institute (API) data showed.

 

Gasoline stocks declined 1.97 million barrels, while distillate stocks—which include diesel and heating oil—rose 2.24 million barrels.

 

Meanwhile, Brent crude futures for July delivery rose 3.19%, or $1.92, to close at $62.25 a barrel on May 6. WTI crude futures for June delivery rose 3.43%, or $1.96, to $59.09 a barrel.

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