U.S. Crude Oil Reserves Decline, but Global Glut Remains

SUGAR LAND--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. 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.