U.S. oil inventories decrease in week ending June 8: EIA
U.S. crude oil inventories decreased in the week ending June 8, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.1 million barrels during the week ending June 8.
However, the American Petroleum Institute (API) on Tuesday reported a buildup of over 0.8 million barrels from the U.S. crude oil inventories for the same week.
For the week ending June 1, the EIA reported a buildup of 2.1 million barrels.
U.S. crude oil refinery inputs averaged about 17.5 million barrels per day during the week ending June 8, which was 136,000 barrels per day more than the previous week's average.
At 432.4 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Total products supplied over the last four-week period averaged more than 20.4 million barrels per day, up by 1.7 percent from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged about 9.6 million barrels per day, up by 0.3 percent from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.5 percent from the same period last year. Jet fuel product supplied was up 1.2 percent compared with the same four-week period last year.
Oil prices settled higher on Wednesday as official data showed a bigger-than-expected drop in U.S. crude stockpiles.
The U.S. benchmark for the price of oil, the West Texas Intermediate (WTI), for July delivery rose 28 U.S. cents to settle at 66.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 86 cents to 76.74 dollars a barrel on the London ICE Futures Exchange.