EIA: US Crude Oil Stocks Change at -0.7 million barrels in week ending May 8

Commercial crude oil inventories in the United States decreased by 0.7 million barrels in the week ending May 8th, the Energy Information Administration (EIA) announced on Wednesday. This reading came in lower than the market expectation for an increase of 4.1 million barrels.

Market reaction

Crude oil prices shot higher on this data and the barrel of West Texas Intermediate was last seen up 3% on the day at $26.65.

Developing story...