RTTNews - Crude oil inventories fell much more than expected last week, according to data released by the Energy Information Administration on Wednesday. However, gasoline stockpiles were much higher than forecast.
U.S. commercial crude oil inventories decreased by 3.9 million barrels in the week ended June 12. Economists were looking for a decline of about 1.7 million barrels. At 357.7 million barrels, U.S. crude oil inventories remain above the upper boundary of the average range for this time of year.
However, motor gasoline inventories increased by 3.4 million barrels last week. Experts were looking for a build of about 650,000.
Distillate fuel inventories increased by 300,000 barrels, and are above the upper boundary of the average range for this time of year. Propane/propylene inventories increased by 800,000 barrels.
Total commercial petroleum inventories decreased by 1.5 million barrels last week, and are above the upper limit of the average range for this time of year.
Crude oil prices remained notably lower following the report. Light sweet crude for July fell to $69.61, down 88 cents on the session. Oil touched as low as $69.00 shortly after the data was released before recovering.
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