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US crude oil inventories tumbled last week

Akin Oyedele
oil flow gushing pipe

(Flickr/Carbon Visuals)
US crude oil inventories fell last week, at the slowest pace we've seen in a while.

Commercial crude inventories fell by 1.9 million barrels in the week ended May 29, according to the Energy Information Administration.

Last week, inventories fell by 2.8 million barrels, slightly above the 2.7 million barrel-drop recorded the prior week.

This week's decline brought the total to 477 million barrels, keeping inventories at the highest levels in at least 80 years.

West Texas Intermediate crude oil was down by less than 1% at around $61.14 per barrel shortly after the data. 

The reading on inventories comes ahead of the meeting Friday of 12-member oil cartel OPEC.

The organisation is widely expected to maintain its current levels of production, as it fights to keep its market share.

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