U.S. crude oil inventories tracked by the American Petroleum Institute (API) posted a significantly larger drawdown in the latest week, pointing to tightening supply conditions in the world’s largest oil consumer. According to data updated on 02 June 2026, API Weekly Crude Oil Stock fell by 6.750 million barrels, more than double the previous decrease of 2.800 million barrels.
The deeper-than-expected inventory decline suggests stronger demand, reduced imports, or a combination of both, and is likely to be read by markets as a bullish signal for crude prices. Traders and analysts typically compare the API numbers with the official U.S. government inventory figures released later in the week to confirm the trend, but the scale of this drawdown will already factor into short-term price expectations and positioning in the energy complex.