Commodities Buzz: US crude oil inventories fall 5.8 million barrels, says EIA

Crude oil inventories in the United States fell by 5.8 million barrels during the week ending June 20, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 415.1 million barrels, roughly 11% below the five-year average for this time of year. The American Petroleum Institute (API) on Tuesday had estimated a 4.277-million-barrel drop for the week ending June 20. For total motor gasoline, the EIA reported a draw of 2.1 million barrels, with daily production staying at 10.1 million barrels. For middle distillates, inventories dipped by 4.1 million barrels, with production decreasing to 4.8 million barrels daily. Distillate inventories remain 20% below the five-year average, sustaining supply tightness.

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