The U.S. Energy Information Administration (EIA) reported Wednesday
that crude inventories tumbled by 9.603 million barrels in the week ended June 23,
following a decline of 3.831 million barrels in the previous week. That marked
the steepest weekly decrease in the U.S. crude inventories since the week that ended
May 19 (-12.456 million barrels). Economists had forecast a drop of 1.757 million
barrels.
At the same time, gasoline stocks increased by 0.603 million barrels,
while analysts had expected a slip of 0.126 million barrels. The prior week saw
a rise of 0.479 million barrels.
Elsewhere, distillate stocks rose by 0.124 million barrels, while
analysts had foreseen an advance of 0.782 million barrels. The prior week witnessed
a build of 0.433 million barrels.
Meanwhile, oil production in the U.S. was steady at 12.200 million
barrels per day.
U.S. crude oil imports averaged 6.6 million barrels per day last week, logging
a gain of 418,000 barrels per day from the week before.