US crude inventories fall 6.8M barrels: API

US commercial crude inventories declined by 6.8 million barrels in the week to May 29, according to API estimates

US crude oil inventories fell in the week ended May 29, according to estimates of the American Petroleum Institute (API), while gasoline stockpiles increased.

In a report on Tuesday, API said the US commercial crude inventories declined by 6.8 million barrels last week.

Gasoline inventories rose by 3.5 million barrels during the period, while distillate stocks, which include diesel and heating oil, fell by 214,000 barrels, the report showed.

Official inventory data from the Energy Information Administration (EIA) is due on Wednesday. Analysts expect crude stockpiles to decrease by 3.3 million barrels, marking a sixth consecutive weekly decline and the longest such streak since January 2025.