The US Energy Information Administration said in its regular weekly report that crude oil inventories decreased by just 0.28 million barrels in the week to May 24.
That was compared to forecasts for a stockpile draw of 0.86 million barrels after a build of 4.74 million barrels in the previous week.
The number was also much less than the 5.3 million-barrel drawdown the American Petroleum Institute reported on Wednesday.
The data was delayed by a day this week due to Monday’s Memorial Day holiday.
US Crude Oil WTI Futures were down 1.0% to $56.02 by 12:04 AM ET (04:04 GMT). International Brent Oil Futures declined 1.1% to $64.62.
Oil prices tumbled 4% yesterday immediately following the data, but clawed back some of their losses later in the day.
WTI and Brent are on track to finish May down about 10%. Both are still higher for the year, as production cuts led by the <a href=’https://staging.theenergyyear.com/companies-institutions/opec/’>OPEC provided continuing support to the market.
In other news, the ongoing trade war between the US and China, the world’s biggest oil importers, showed no signs of easing and has put oil under more pressure this week.
Former governor of the People’s Bank of China Dai Xianglong said on Friday that he expected no major trade breakthrough when Chinese President Xi Jinping meets with his US counterpart Donald Trump next month at the G-20 meeting.
Meanwhile, US President Donald Trump vowed to impose tariffs on all goods from Mexico, further escalating global trade tensions and raising concerns over economic growth and appetite for oil.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.