Crude oil prices remained relatively stable after the Energy Information Administration reported a draw of 5.9 million barrels in U.S. crude oil inventories for the week to June 15. At the time of writing, Brent crude traded at US$75.60 a barrel, with West Texas Intermediate changing hands at US$65.77 a barrel, both up moderately from yesterday’s close. A day earlier, the American Petroleum Institute estimated crude oil inventories to have fallen by 3.016 million barrels , with gasoline inventories surprisingly going up by 2.113 million barrels. Analysts had expected the EIA to report a 690,000-bpd increase in crude oil inventories, after last week it reported a draw of as much as 4.1 million barrels in oil inventories and another substantial decline—of 2.3 million barrels—in gasoline stockpiles. Last week, gasoline inventories went up by 3.3 million barrels, with average daily production standing at 10.1 million barrels. This compares with 10.5 […]