A report released by the Energy Information Administration (EIA) on Wednesday showed crude oil inventories in the US tumbled by much more than expected in the week ended June 12.
The EIA said crude oil inventories plunged by 8.3 million barrels last week after slumping by 7.2 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 4.6 million barrels.
At 418.2 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year, the EIA said.
The report said gasoline inventories also edged down by 0.9 million barrels last week and are 6% below the five-year average for this time of year.
Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, rose by 1 million barrels last week but remain about 13% below the five-year average for this time of year.
