U.S. Crude Oil Inventories Plunge Much More Than Expected

U.S. crude oil inventories fell more than expected in the week ended May 15, according to the Energy Information Administration. The larger-than-forecast draw is a supportive data point for oil prices and broader energy markets, suggesting tighter near-term supply-demand conditions.

Analysis

U.S. crude oil inventories fell more than expected in the week ended May 15, according to the Energy Information Administration. The larger-than-forecast draw is a supportive data point for oil prices and broader energy markets, suggesting tighter near-term supply-demand conditions.