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.