The U.S. Energy Information Administration (EIA) reported Wednesday that
crude inventories declined by 2.762 million barrels in the week ended June 24,
following a fall of 0.386 million barrels in the previous week. Economists had forecast
a fall of 0.569 million barrels.
At the same time, gasoline stocks increased by 2.645 million barrels,
while analysts had projected a draw of 0.452 million barrels. The prior week recorded
a build of 1.489 million barrels.
Elsewhere, distillate stocks rose by 2.559 million barrels, while
analysts had predicted an advance of 0.328 million barrels. The prior week registered
a gain of 0.133 million barrels.
Meanwhile, oil production in the U.S. increased by 100,000 barrels a day
to 12.100 million barrels per day.
U.S. crude oil averaged 6.0 million barrels per day last week, recording
a decrease of 0.2 million barrels per day from the prior week.