EIA Revises May US Oil Demand Growth Down by 2.5%

U.S. oil demand in May averaged 20.463 million barrels a day – the highest-ever for the month – and 1.6% above a year earlier, the Energy Information Administration said Friday.

But the latest figure is a sharp 2.5% downward revision from earlier estimates showing 4.2% growth in the month from 20.139 million barrels a day a year ago. Estimates published last month suggested May demand averaged 20.994 million barrels a day, the most for any month since December 2005. The revised figure is strongest for any month since March.

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