U.S. Oil Inventories Down for Sixth Straight Week

Crude oil inventories in the United States declined last week for the sixth consecutive week, according to official data.

The U.S. Energy Information Administration (EIA) on Wednesday reported that crude inventories fell by 6.7 million barrels in the week to June 25.

The drop in oil inventories exceeded most market expectations, reaching a total of to 452.3 million barrels. It was attributed to higher refining activity, with refineries responding to the rising demand as the economy reopens, overcoming recent disruptions, with the utilization rate in refineries nearing 93%.

Meanwhile, gasoline stockpiles grew by 1.5 million barrels to 241.6 million barrels, while distillate inventories decreased by 869,000 barrels.