Oil tanks 

US crude stockpiles increased by 5.20 million barrels per day (bpd) in the week ended May 26, according to the American Petroleum Institute (API).

 

On the fuel side, API reported a gasoline inventory build of 1.89 million barrels and a distillate stock build of 1.84 million barrels.

 

The API data serves as a precursor to official inventory data on the same due from the Energy Information Administration (EIA) today, June 1. Crude stockpiles are expected to drop 1.20 million barrels.

 

Oil prices settled lower on May 31. Brent crude for July delivery shed 1.15% to $72.66 a barrel, the lowest level in over three weeks.

 

WTI for July delivery dropped around 2% to close at an over two-month low of $68.09 a barrel.

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