U.S. crude oil inventories up last week

Source: Xinhua | 2020-05-28

The American Petroleum Institute (API) on Wednesday reported an increase of 8.7 million barrels of crude oil in the U.S. crude oil inventories for the week ending May 22.

API reported a decrease of 4.8 million barrels of crude oil inventories for the previous week ending May 15 while the U.S. Energy Information Administration (EIA) reported a fall of 5.0 million barrels.

Oil prices retreated on Wednesday as volatile trading continued on the energy market amid the COVID-19 crisis.

The West Texas Intermediate (WTI) for July delivery decreased 1.54 U.S. dollars to settle at 32.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery fell 1.43 dollars to close at 34.74 dollars a barrel on the London ICE Futures Exchange.