API data shows a larger-than-expected draw, though inventories remain 26 million barrels higher year-to-date.
US crude oil inventories fell by 9.1 million barrels in the week ending May 15, exceeding analyst forecasts of a 3.4 million-barrel decline. The draw follows a 2.188 million-barrel reduction in the prior week, signaling accelerated demand or reduced supply.
Despite the weekly drop, crude stockpiles have risen by 26 million barrels since the start of the year. The Strategic Petroleum Reserve continues to release barrels to ease price pressures, though the impact on overall inventories remains limited.
Market focus now shifts to official EIA data for confirmation, with traders assessing the balance between supply cuts and persistent inventory builds.