The U.S. Energy Information Administration (EIA) reported a historic reduction in crude oil inventories, with a drawdown of 7.863 million barrels for the week ending May 15. This decrease significantly exceeded market expectations of a 2.942 million barrel decline and follows a previous reduction of 4.306 million barrels. The strategic petroleum reserve (SPR) experienced its largest weekly decline on record, highlighting significant shifts in U.S. oil reserves.