US crude inventories fall 4.3M barrels last week

Oil tanks

US crude oil inventories declined more than anticipated in the week ended June 20, according to data released by the Energy Information Administration (EIA) on Wednesday.

Commercial crude inventories fell by 4.3 million barrels last week, compared to expectations for a 600,000 barrels drop.

Gasoline inventories rose by 764,000 barrels, while distillate stocks—including diesel and heating oil— were down by 1.02 million barrels.

Investors are awaiting the release of official inventory data from the US Energy Information Administration (EIA) today, June 15, with expectations pointing to a 1.2 million-barrel drawdown.

At the close of trading on June 24, Brent crude futures for August delivery dropped 6%, or $4.31, to settle at $67.18 per barrel.

NYMEX futures for August delivery also declined 6%, or $4.14, to $64.37 per barrel.