API data indicates sharp decline in US crude inventories last week

According to a report by the American Petroleum Institute (API), US crude inventories dropped by 4.2 million barrels in the week to May 23. This contrasts with analysts' forecasts of a 1 million barrel increase. The week before, the country's oil reserves grew by 2.5 million barrels, as noted by OilPrice analysts. Based on API data tracking, website experts indicate the overall trend remains positive. Since the beginning of the year, US crude inventories have increased by more than 21 million barrels.

In addition, the US Department of Energy reported that the Strategic Petroleum Reserve rose by 0.8 million barrels for the week ending May 23.

Both benchmark oil grades—Brent and WTI—increased slightly during today's trading session. However, when comparing current values with levels recorded last Thursday, OilPrice market metrics indicate a price decline of approximately 1%.

According to API data, gasoline stocks fell by 0.53 million barrels between May 16 and May 23, following an even more significant drop of 3.2 million barrels in the previous week. Distillate reserves grew by 1.3 million barrels over the same period.