Crude stocks across the U.S. and at Oklahoma’s Cushing Hub declined last week, according to a new report from the U.S. Energy Information Administration.
The nation saw a drop of 1.5 million barrels of crude oil from 459.5 million as of May 3 to 457 million barrels on May 10. There had been a slow buildup since late March when the national crude oil supply totaled 451.4 million barrels.
Cushing’s decline totaled 700,000 barrels. It dropped from 35.3 millon barrels in early May to 35 million barrels as of last week. There had been a moderate gain at Cushing from late March when it held 33.2 million barrels of crude oil.
