US Crude Oil Inventories in Freefall: EIA

Crude oil inventories in the United States decreased by 8.0 million barrels during the week ending May 29, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 433.7 million barrels, according to government data, which is now 3% 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 6.75 million barrels in the period.…