U.S. crude oil inventories drop sharply as imports decline: EIA

11 May 2017   Oil Supply

U.S. crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply. Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said, compared with expectations for a decrease of 1.8 million barrels. At 522.5 million barrels, crude stocks were the lowest since February. U.S. crude imports USOICI=ECI fell last week by 799,000 barrels per day, the biggest weekly drop since mid February, to just 6.9 million bpd, the first time they have been below 7 million bpd since early March. Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures USOICC=ECI fell 438,000 barrels, […]

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