EIA: U.S. Crude Inventories Post Another Major Draw
U.S. Crude Oil Inventories Decline by 3.8 Million Barrels
U.S. crude oil inventories fell by 3.8 million barrels during the week ending June 26, according to the latest data released by the U.S. Energy Information Administration (EIA). Following the decline, commercial crude oil stockpiles now stand at 408.4 million barrels, approximately 7% below the five-year seasonal average.
The EIA report follows figures published a day earlier by the American Petroleum Institute (API), which estimated an even larger draw of 6.072 million barrels over the same period.
Oil prices moved lower following the inventory data. By mid-morning trading in New York, Brent crude was trading at $72.06 per barrel, down 1.19% on the day, while West Texas Intermediate (WTI) traded at $68.97 per barrel, a decline of 0.76%.
Crude inventory reports are closely watched by energy markets, as changes in stockpiles can provide valuable insight into supply-demand dynamics and often influence short-term movements in oil prices.
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