U.S. Demand for Oil in May Hits Ten Year Low: API

According to the American Petroleum Institute's (API) Monthly Statistical Report, U.S. demand for oil in May slumped by more than four percent to the lowest level for the month in 10 years. Much of this can be attributed to the economic downturn, which continues to take a toll on freight transportation and air travel.

Crude oil production, however, posted its fifth consecutive monthly year-on-year increase as increased offshore Gulf of Mexico production combined with higher output from North Dakota's Bakken shale to push U.S. output above 5.3 million barrels per day.