Crude stocks took a dip in the past week across the U.S. and at the Cushing Hub in Oklahoma.
The nation’s total crude oil stocks, reported the U.S. Energy Information Administration, dropped from 458.8 million barrels as of May 17 to 454.7 million barrels on May 24. The more than 4 million barrel decline came after a gain of 1.5 million barrels from May 10.
The Cushing Hub also saw a decline for the same reporting period. Its total in crude oil fell from 36.3 million barrels on May 17 to 34.6 million barrels a week later, a drop of 1.7 million barrels. The remaining 34.6 million barrels is still more than the 33 million barrels recorded the first week in April.
