The current stock level is 3% below the five-year average typical for this time of the year, the department added

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.75 million barrels in the week ending May 29

US crude oil inventories fell 6.75M barrels per the API's latest report, nearly double the 3.6M barrel forecast, signaling tighter supply into summer.