The amount of crude oil stored at the Cushing storage hub in northern Oklahoma declined in the past week.
The American Petroleum Institute reports that the Cushing total fell by 1.2 million barrels for the week.
The API also reported that U.S. crude supplies dropped 2.5 million barrels for the week ended May 7. It also showed that gasoline stockpiles were up by 5.6 million barrels.
June West Texas Intermediate crude was at $65.32 barrel in electronic trading, compared with Tuesday’s settlement at $65.28 on the New York Mercantile Exchange.
