Crude oil stocks held at the Cushing Hub in Oklahoma continue their downward slide.
The U.S. Energy Information Administration reported this week that the amount of crude oil held in storage declined by 400,000 barrels.
The EIA stated that as of April, there were 33.8 million barrels of crude at Cushing compared to the 342 million reported as of March 31.
In late February, Cushing held as much as 40.7 million barrels of crude oil.