According to the United States Energy Information Administration (EIA), crude oil inventories unexpectedly increased by 7.3 million barrels on April 26. It caused international crude oil prices to fall on May 1, reaching a seven-week low.

West Texas Intermediate (WTI) crude for June delivery decreased by US$2.89 (3.6%), reaching US$79/barrel on the New York Mercantile Exchange. Brent crude for July delivery fell by US$2.89 (3.4%), settling at US$83.44/barrel.