EIA Reports 7th-straight Weekly Drop In U.S. Crude Supplies

Data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 4.4 million barrels for the week ended May 19. That was the seventh weekly drop in a row reported by the EIA. The American Petroleum Institute late Tuesday reported a fall of 1.5 million-barrel, according to sources, while analysts polled by S&P Global Platts forecast a fall of 2.8 million barrels. Gasoline stockpiles declined by 800,000 barrels, while distillate stockpiles were down 500,000 barrels last week, according to the EIA. July crude traded at $51.58 a barrel, up 11 cents, or 0.2%, on the New York Mercantile Exchange. It traded at $51.51 before the supply data.