U.S. Oil Falls Nearly 2 Percent – 31 May, 2018

U.S. crude fell inventories more than the 525,000 barrels that were originally expected, causing oil to fall nearly 2 percent. The stockpile fell 3.6 million barrels last week though benchmark Brent crude was little affected because the OPEC deal to cut global supplies will close at the end of the year and has thus far had a greater affect on U.S. prices than infrastructure constraint worries. Despite Brent’s three week low on Monday trading at $75 per barrel, its premium has risen to a three year high brought on by news that Saudi Arabia and Russia may gradually increase output to level out shortages.