US crude oil inventories tumbled last week
Commercial crude inventories fell by 1.9 million barrels in the week ended May 29, according to the Energy Information Administration. It was the fifth straight week of a decline.
Last week, inventories fell by 2.8 million barrels, slightly above the 2.7 million barrel-drop recorded the prior week.
Last week's decline brought the total to 477 million barrels, keeping inventories at the highest levels in at least 80 years.
West Texas Intermediate crude oil was down by less than 1% at around $61.14 per barrel shortly after the data.
The reading on inventories comes ahead of the meeting Friday of 12-member oil cartel OPEC.
The organisation is widely expected to maintain its current levels of production, as it fights to keep its market share.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024