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.
U.S. EIA Reports Record 7.863 Million Barrel Decline in Oil Reserves
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