U.S. commercial crude oil inventories decreased by 7.2 million barrels from June 19 to June 26, according to the latest weekly petroleum data from the EIA. U.S. commercial crude oil inventories decreased by 7.2 million barrels from June 19 to June 26, according to the latest weekly petroleum data from the U.S. Energy Information Administration (EIA). The drop marks the first decrease in EIA commercial crude oil inventory data in four weeks. U.S. crude oil stocks still stand 15 percent above the five-year average for this time of year at 533.5 million barrels, the EIA revealed. On June 28 last year, U.S. crude oil stocks stood at 468.5 million barrels, EIA data shows. Rystad Energy’s oil markets analyst, Louise Dickson, described the EIA’s latest stockpile data as an item of “relief”. “A huge drop in inventories, much higher than most of the market expected, is clearly a booster factor,” […]