US oil inventories down 3.3M barrels last week: API

04/06/2025 Argaam
Oil tanks

Oil tanks

US crude oil inventories fell by 3.3 million barrels during the week ended May 30, compared to expectations for a decrease of only 900,000 barrels, the American Petroleum Institute (API) report showed.

 

Gasoline inventories rose by 4.7 million barrels, and distillates—including diesel and heating oil—added about 760,000 barrels.

 

Meanwhile, Brent crude futures for August delivery rose 1.50%, or $1, to close at $65.63 a barrel on June 3.

 

WTI crude futures for July delivery rose 1.40%, or 89 cents, to $63.41 a barrel.

 

The official inventory data from the Energy Information Administration id due later today, June 4.

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