US commercial crude oil inventories decreased by 1% during the week ending May 30, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories fell by around 4.3 million barrels to 436.1 million barrels, a larger draw than the market prediction of 2.9 million barrels.
Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by 500,000 barrels, reaching 401.8 million barrels, the data revealed.
Over the same period, gasoline inventories rose by around 5.2 million barrels to 228.3 million barrels.
- Crude production increases
EIA data showed that US crude oil production rose by 7,000 barrels per day (bpd) to about 13.41 million bpd during the week ending May 30.
US crude oil imports decreased by 5,000 bpd to approximately 6.34 million bpd, while exports fell by 394,000 bpd to around 3.91 million bpd over the same period.
In the Short-Term Energy Outlook (STEO) released on May 7, the EIA projected that crude oil output in the country would average 13.4 million bpd in 2025.
By Firdevs Yuksel
Anadolu Agency