EIA: Crude inventories decreased by 12.8 million barrels, WTI inches closer to $60


  • EIA reports a much larger-than-expected draw in crude oil inventories.
  • Oil prices extend gains after data, WTI inches closer to critical $60 mark.

In its weekly petroleum report for the week ending June 21, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the United States decreased by 12.8 million barrels from the previous week. With the initial reaction, the barrel of West Texas Intermediate (WTI) gained traction and is now adding 1.8% on the day at $59.80.

"Gasoline production increased last week, averaging 10.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.3 million barrels per day," the EIA further announced in its publication. "Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 1.8% from the same period last year."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1130 in dull session, ECB eyed

The EUR/USD pair has recovered from a fresh weekly low of 1.1105 but remains depressed. Market players now waiting for ECB’s monetary policy, the last one presided by Mario Draghi.

EUR/USD News

GBP/USD attempting to recover after parliament slowed down the Brexit process

GBP/USD is moving up toward 1.29, trying to recover after parliament rejected the fast-track process that PM Johnson wanted for approving his Brexit deal. An extension to Article 50 and elections are on the cards.

GBP/USD News

USD/JPY struggles below mid-108.00s, over one-week lows

The Greenback held weaker against its Japanese counterpart, with the USD/JPY pair struggling below mid-108.00s, or over one-week lows set earlier this Wednesday.

USD/JPY News

Gold climbs higher toward $1,500 on risk-aversion

The XAU/USD pair gained traction on Wednesday and rose toward the upper-limit of its two-week-old range near the critical $1,500 handle supported by risk-off flows.

Gold News

If you are a "Hodler" here is where you could find support in Bitcoin

Today the price of Bitcoin fell and the price is now headed toward the 7,310.00 support used as a resistance zone on the week of the 3rd September 2018.

Read more

Forex MAJORS

Cryptocurrencies

Signatures