US crude oil inventories fell again last week.

The latest data from the Energy Information Administration out Wednesday showed that commercial crude inventories fell by 2.19 million barrels in the week ended May 8.

In the prior week, inventories declined by 3.9 million barrels.

Crude oil refinery inputs averaged 370,000 barrels per day less than the previous week's average.

This week's decline brought the total to 484.8 million barrels, and oil inventories are still at 80-year highs.

But the build in inventories we've seen over the past several months may be slowing down.

On Tuesday, the American Petroleum Institute reported that 2 million barrels of oil were drawn from inventories, which was more than expected.

In its short term outlook released Tuesday, the EIA lowered its 2015/2016 US energy production forecasts, and projected that US oil output will decline from June through September before picking up again.

Following the release, West Texas Intermediate crude oil prices rose by 1% to as high as $61.60 per barrel.

In an email Tuesday, Money.net CEO Morgan Downey wrote: "The bullish oil story is now accelerating on all four cylinders: 1. US oil inventories falling, 2. Global oil supply growth slowing; 3. Global demand growth increasing; 4. US drilling still declining.