EIA: US Crude Oil Inventories Continue to Fall

Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending May 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 457.2 million barrels, according to government data, which is still 1% above the five-year average for this time of year. According to weekly EIA data, crude oil inventories in the United States have increased by 1 million barrels over the last 6 weeks. The EIA’s data release follows API’s…