EIA: US Crude Stocks Drop By Nearly 10 Million Barrels

U.S. crude stocks fell by nearly 10 million barrels last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said June 27.

Crude inventories fell by 9.9 million barrels in the last week, compared with analysts’ expectations for a decrease of 2.6 million barrels.

Crude stocks at the Cushing, Okla., delivery hub fell by 2.7 million barrels, the EIA said.