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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move reflecting growing pressure on global energy supply, recent data shows a significant drawdown in strategic reserves. US commercial crude oil inventories fell by 7.97 million barrels last week, significantly exceeding market expectations. Consequently, WTI crude prices stood at $95.03 per barrel while Brent crude reached $96.73, highlighting the market's heightened sensitivity to tightening stockpiles.
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Sign InThis substantial draw comes amid ongoing geopolitical instability, particularly in the Middle East, which has eroded commercial buffers. Compared to the previous EIA Weekly Petroleum Report on May 28, 2026, which showed a decrease of 3.327 million barrels per market data, the latest figure represents a sharp acceleration in inventory depletion. Analysts suggest that continued draws could lead prices to test the $100 psychological threshold if supply remains constrained.
Traders should watch key support levels for Brent near $95, with prices closing at $96.73 (close June 3, 2026). Looking ahead, upcoming catalysts include US inflation data and the Core PCE Price Index releases in the coming weeks, which may influence US Dollar strength and subsequent demand for dollar-denominated commodities.