Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 0.556 million barrels last week,
the EIA said. Total U.S. crude oil inventories stood at 434.5 million barrels as of last week, according to press release,
which the EIA indicated was “in the lower half of the average range for this time of year”.
The report also showed that gasoline inventories increased by 0.534 million barrels compared to a build of 1.883 million the prior week,
while distillate stockpiles rose by 0.634 million barrels compared to a draw of 0.951 million a week earlier.
The report was released one day later than normal due to the Memorial Day holiday on Monday.
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