EIA Shows US Crude, Product Inventories Fell

Crude oil inventories in the United States dipped by 2.8 million barrels during the week ending May 23, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a drop in US crude oil inventories of 4.236 million barrels in U.S. crude oil inventories with a draw in gasoline stocks as well. At 10:40 am in New York, the Brent benchmark was trading…