The nation’s supply of commercial crude dipped slightly by 900,000 barrels, potentially slowing some of the fears of U.S. shale oil production growing too quickly and contributing to another global glut.
U.S. inventories of refined gasoline did grow a little by 200,000 barrels, but stockpiles of distillate fuel oil, which is used to make diesel and heating oils, decreased by 600,000 barrels, according to weekly Energy Department data.
A week ago, oil inventories fell by 3.6 million barrels, but that was more than offset even larger builds of refined petroleum products.
Concerns of rising U.S. oil production has contributed to U.S. oil prices falling from more than $53 a barrel in mid-April down to less than $48 per barrel this week.
Crude stockpiles have fallen a bit from record highs this spring, but the inventory levels are still well above average.