Crude Oil Prices Decline Amid Unexpected US Inventory Buildup

Concerns about the U.S. economy following Moody’s credit rating downgrade also put a downward pressure on prices.

A sign displays the price of gas at more than $6 per gallon, at a gas station in Alhambra, Calif., on Sept. 18, 2023. Frederic J. Brown/AFP via Getty Images

An unexpected increase in U.S. crude oil stocks contributed to a drop in oil prices in early morning trade on May 22.

A May 21 report from the Energy Information Administration stated that for the week ending on May 16, “U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week.”