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American crude, gasoline stocks decline in week

American crude, gasoline stocks decline in week
Photo Credit: Arabianeye-Reuters

Mubasher: US oil stocks decreased last week by lower than the expected rate.

The data of the US Energy Information Administration (EIA) showed on Wednesday that crude oil inventories went down by 1.8 million barrels to 520 million barrels in the week that ended on 12 May, after declining by 5.2 million barrels in the week before.

Experts’ forecasted oil inventories to fall by 2.5 million barrels.

During the same week, gasoline inventories also fell by 400,000 barrels.