Oil Falls 4 Percent as US Inventories Decline Less Than Expected

Oil Falls 4 Percent as US Inventories Decline Less Than Expected
Pump jacks operate at sunset in an oilfield in Midland, Tex. on Aug. 22, 2018. Reuters/Nick Oxford
Petr Svab
Petr Svab
reporter
|Updated:

Oil prices fell almost 4 percent, to their lowest in more than two months, on May 30 as the Energy Information Administration (EIA) said crude stockpiles fell about 300,000 barrels last week.

That was less than the 900,000-barrel decline analysts forecast in a Reuters poll and well below the 5.3 million-barrel drawdown reported by the American Petroleum Institute (API) late on May 29.

Petr Svab
Petr Svab
reporter
Petr Svab is a reporter covering New York. Previously, he covered national topics including politics, economy, education, and law enforcement.
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