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 U.S. crude oil  and product inventories fell more than expected last week  according to the U.S. EIA on Wednesday. In the week to May 4, commercial inventories of crude oil in the U.S. fell by 2.2 mil bbls, which was more than the 719,000-bbl decrease that was expected. Crude stockpiles at Cushing, Oklahoma, rose by 1.4 mil bbls.

The White House said on Wednesday that President Donald Trump is preparing to impose new sanctions on Iran, as early as next week, to ensure it does not develop nuclear weapons. “We are 100 pct committed to making sure that Iran does not have nuclear weapons,” White House spokeswoman Sarah Sanders told a news briefing. “We’re going to continue to put maximum pressure, enormous sanctions on them. All of the sanctions that were in place before the deal are back in place and we are preparing to add additional sanctions that may come as early as next week,” Sanders said.



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