US Crude Oil Inventories Drop Sharply

Commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, decreased by 3.8 million barrels for the week ending June 26. This brought the total stocks to 408.4 million barrels.

The U.S. Energy Information Administration (EIA) reported that these inventory levels were approximately 7% below the average for this time of year over the past five years. The decline in crude oil stocks indicates a sustained trend of decreasing reserves.