US oil inventories fall 5.8M barrels last week

Oil tanks

Crude oil inventories in the US dropped more than expected in the week ended June 20, marking the fifth consecutive weekly decline, according to a report released by the Energy Information Administration (EIA).

Crude oil inventories decreased by about 5.8 million barrels last week, compared to expectations for a fall of about 1.3 million barrels.

Meanwhile, gasoline inventories declined by 2.1 million barrels, and distillate stocks—including diesel and heating oil—fell by 4.1 million barrels.