Investing.com — U.S. crude inventories fell much more than expected last week, the API reported Wednesday, pointing to signs of improving energy demand as the summer driving season gets underway.
the U.S. benchmark, traded at $79.27 per barrel after the report, having fallen 0.8% to $79.23 per barrel.
fell by about 6.5 million barrels in the week ending May. 22, compared to a build of 2.5 million barrels reported by the API for the previous week. Economists had expected a decline of 1.9 million barrels.
The inventory data pointed to the rebound in demand from the start of the US summer season, which usually marks at least two months of increased demand in the world’s top fuel consumer.
The API data also showed that gasoline inventories fell by 452,000 barrels, while distillate inventories increased by 2.0 million barrels.
The report is expected Thursday, a day later than normal due to the Memorial Day holiday.
