Crude oil inventories in the U.S. edged down during the week ended May 10, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 0.60 million barrels to 394.90 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories edged up 0.20 million barrels to 395.50 million barrels.
Meanwhile, total motor gasoline inventories moved up by 2.60 million barrels last week, after shedding 0.90 million barrels in the prior week, and are in the upper half of the average range.
Analysts were expecting crude oil inventories to rise 450,000 barrels and gasoline stocks to shed 1.1 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved up 1.10 million barrels, while gasoline stocks were down by 480,000 barrels in the week ended May 10.
Oil refinery inputs averaged slightly over 15.30 million barrels per day during the week, which were 73,000 barrels per day above the previous week's average as refineries operated at 88.00 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged over 7.60 million barrels per day last week, up by 17,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged over 7.70 million barrels per day, which were 1.1 million barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for June delivery are losing $1.68 to $92.53 a barrel.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.