EIA: EIA: Commercial crude oil inventories increased by 6.8 million barrels from previous week

In its weekly petroleum report for the week ending May 31, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. increased by 6.8 million barrels from the previous week. With the initial reaction, the barrel of WTI slumped below $52 and was last down 2% on the day at $51.80

Key takeaways from the press release