The Energy Information Administration released a report on Wednesday showing a significant decrease in U.S. crude oil inventories in the week ended May 29th.
The report said crude oil inventories tumbled by 8.0 million barrels last week after falling by 3.3 million barrels in the previous week. Economists had expected crude oil inventories to slump by 4.0 million barrels.
At 433.7 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA said.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.