Home / Market Update / Commodities / U.S. Oil Inventories Down 7.4 M Barrels

U.S. Oil Inventories Down 7.4 M Barrels

Crude oil inventories in the United States declined by 7.4 million barrels last week, according to data by the Energy Information Administration (EIA) released on Wednesday.

The decline exceeded most market expectations, which were hovering around 4.2 million barrels for the week ended June 11, but still came below estimates by the American Petroleum Institute (API).

Gasoline stockpiles rose by 2 million barrels, while distillate inventories decreased by 1 million barrels.

Check Also

Bitcoin Slides Amid Global Market Turmoil as New U.S. Tariffs Shake Investor Confidence

Bitcoin prices retreated on Thursday, as heightened global trade tensions stemming from newly announced U.S. …