EIA: US Crude Stockpiles Drop Sharply In Largest Decline Since January

U.S. crude oil stockpiles dropped sharply last week while gasoline and distillate inventories grew as refineries’ crude runs rose to their highest on record seasonally, the Energy Information Administration (EIA) said June 20.

Crude inventories fell by 5.9 million barrels in the week to June 15, the largest one-week decline since January, compared with analysts’ expectations for a decrease of 1.9 million barrels.

Stocks at the Cushing, Okla., delivery hub for U.S. crude futures fell by 1.3 million barrels, EIA said.