US Crude Oil, Gasoline Inventories Continue Freefall

Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 441.7 million barrels, according to government data, which is now 2% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 2.8 million barrels in the period.…