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China's SC2607 Crude Oil Futures Close at 656.0 CNY/bbl on May 21, U.S. Inventories Down 7.86M Barrels

GateNews

2026-05-21 08:48:06

According to Hengan Futures report and EIA data, China's SC2607 crude oil futures fell in early trading on May 21 before recovering to close at 656.0 CNY/bbl, driven by mixed geopolitical and macroeconomic signals. U.S. commercial crude oil inventories declined by 7.86 million barrels in the latest week, easing supply concerns, while the Hormuz Strait saw partial shipping resumed. However, negotiations between the U.S. and Iran remain in final stages with unresolved core differences, sustaining geopolitical risk premiums. The Federal Reserve's hawkish commentary weighed on broader market sentiment.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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U.S. Crude Oil Inventories Fall 7.86M Barrels for Week Ending May 15

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