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News > World

Oil Prices Edge Lower Amid Mixed U.S. Inventories Data

  • Photo taken on July 7, 2017 shows Keshen 605 well at the Tarim Oilfield in Aksu, northwest China's Xinjiang Uygur Autonomous Region.

    Photo taken on July 7, 2017 shows Keshen 605 well at the Tarim Oilfield in Aksu, northwest China's Xinjiang Uygur Autonomous Region. | Photo: Xinhua/Shen Hong

Published 3 June 2021 (23 hours 36 minutes ago)
Opinion

U.S. crude oil inventories decreased by 5.1 million barrels during the week ending May 28

Oil prices inched lower on Thursday as traders pored through a mixed U.S. fuel inventory report.
   
For July delivery, the West Texas Intermediate lost 2 cents to settle at 68.81 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 4 cents to close at 71.31 dollars a barrel on the London ICE Futures Exchange.

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U.S. crude oil inventories decreased by 5.1 million barrels during the week ending May 28, the U.S. Energy Information Administration (EIA) said in a report on Thursday. Analysts polled by S&P Global Platts had expected the EIA report to show a decline of 3.3 million barrels in U.S. crude supplies.
   
According to the EIA, total motor gasoline inventories increased by 1.5 million barrels last week, while distillate fuel inventories increased by 3.7 million barrels. The S&P Global Platts survey had expected weekly supply declines of 1.1 million barrels for gasoline and 1.6 million barrels for distillates.

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