investing.com — Oil stockpiles declined roughly in line with expectations last week, according to the Energy Information Administration.
Crude oil inventories fell 1 million barrels, against expectations for a draw of 1.02 million barrels. That comes a week after crude stocks fell 3.8 million barrels.
Inventory has fallen in all but one of the last six weeks as the economy tries to come back to life after Covid-related shut downs earlier this year.
Crude Oil WTI Futures, the U.S. benchmark, fell 2% in morning trading ahead of the data release.
Crude oil stored at Cushing, Oklahoma, increased 975,000 barrels compared to an expected build of 1.1 million barrels.