SOURCE: Industrial Info Resources

Industrial Info Resources

May 14, 2015 06:00 ET

U.S. Crude Oil Reserves Decline, but Global Glut Remains, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - May 14, 2015) - Researched by Industrial Info Resources (Sugar Land, Texas) -- A report Wednesday from the U.S. Energy Information Administration (EIA) said that U.S. crude oil reserves had declined by 2.2 million barrels last week. This was welcome news to many and a cause for modest gains in the prices of Brent and West Texas Intermediate (WTI) crude oils. Several weeks of declining rig counts and well completions seem to be having some effect on U.S. output. The decline put U.S. oil stocks at 484.84 million barrels, and marks the second week in a row that there has been a drawdown.

However, the declines in U.S. oil reserves are having only a modest effect on global oil supply, particularly as the Organization of Petroleum Exporting Countries (OPEC) continues ramping up production. Several reports this week suggest that a global drawdown on crude oil supplies will not occur anytime soon.

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