Crude oil inventories in the U.S. edged down during the week ended May 17, 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 0.30 million barrels to 394.60 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 down 0.60 million barrels to 394.90 million barrels.
Meanwhile, total motor gasoline inventories moved up by 3.00 million barrels last week, after adding 2.60 million barrels in the prior week, and are near the upper limit of the average range.
Analysts were expecting crude oil inventories to dip 1.20 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved up 532,000 barrels and gasoline stocks were up by 3.0 million barrels in the week ended May 17.
Oil refinery inputs averaged slightly over 15.20 million barrels per day during the week, which were 4,000 barrels per day below the previous week's average as refineries operated at 87.30 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged over 8.10 million barrels per day last week, up by 507,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.90 million barrels per day, which were 932,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for July delivery are losing $0.49 to $95.69 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.