In its weekly petroleum report for the week ending May 3, the Energy Information Administration announced that the commercial crude oil inventories in the U.S. decreased by 4 million barrels. With the initial market reaction, the barrel of West Texas Intermediate extended its daily rebound and was last seen trading at $61.80, rising 0.6% on a daily basis.
Further details of the report revealed that gasoline production and distillate fuel production both increased in the same period while refineries operated at 88.9% of capacity.
“U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 721,000 barrels per day from the previous week,” the EIA further informed in its press release.
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