U.S. Crude Inventories Post Another Major Draw

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U.S. crude oil inventories dropped by 6.1 million barrels for the week ending June 19, bringing stockpiles to 412.1 million barrels, 7% below the five-year average, based on data from the U.S. Energy Information Administration. This follows similar draw reports from the American Petroleum Institute.

Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.1 million barrels, according to government data, which is now 7% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 765,000 barrels in the period.…