U.S. crude inventories shrank by 4.3 million barrels in the week to May 8, marking the third consecutive decline. The Energy Information Administration said commercial stocks fell to 452.9 million barrels, roughly 0.3% under the five‑year seasonal average. Analysts had projected a 2.3 million‑barrel draw, making the drop steeper than expected. The unexpected pullback nudged Brent crude above $80 a barrel, reinforcing bullish sentiment among oil producers.

Exports rose by 742,000 barrels per day to 5.5 million, while imports edged up 424,000 barrels to 5.9 million, narrowing the trade gap. Production ticked higher to 13.7 million barrels daily, a gain of 137,000 barrels. At Cushing, Oklahoma, the NYMEX delivery hub, stocks slipped 1.7 million barrels to 27.4 million, tightening near‑term supply. Utilization rates at U.S. refineries have absorbed more feedstock, supporting refiners' margins amid the inventory draw.

The Strategic Petroleum Reserve fell by 8.6 million barrels to 384.1 million after emergency releases, further draining buffers. With inventories already below seasonal norms, tighter markets could pressure spot prices, especially as refineries run at higher utilization. Traders are likely to watch upcoming demand data for cues on whether the current draw sustains price momentum. Oil‑major shareholders could see earnings lift as tighter stocks boost realized prices.