Oil prices fell more than 4 percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further. The cuts pushed oil prices back above $50 a barrel this year.
OPEC and non-members decided last week to extend cuts in oil output to March 2018. They battle a global glut of crude after seeing revenues drop sharply in the past three years. "We considered various scenarios, from six to nine to 12 months, and we even considered options for a higher cut. But all indications discovered that a nine-month extension is the optimum," Saudi Energy Minister Khalid al-Falih said.
Key highlights from the EIA's report's summary of weekly petroleum data for the week ending May 19, 2017:
-U.S. crude oil refinery inputs averaged 17.3 million barrels per day during the week ending May 19, 2017, 159,000 barrels per day more than the previous week’s average;
-Refineries operated at 93.5% of their operable capacity last week;
-U.S. crude oil imports averaged 8.3 million barrels per day last week, down by 296,000 barrels per day from the previous week;
-U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.4 million barrels from the previous week;
-Total products supplied over the last four-week period averaged 20.2 million barrels per day, down by 0.8% from the same period last year.