API data shows a sharper-than-expected decline in crude inventories, extending an eight-week drawdown of 44 million barrels.
US crude oil inventories fell by 9.119 million barrels in the week ended June 5, exceeding analysts’ forecast of a 3.4 million-barrel draw. The decline follows a 6.75 million-barrel drop the prior week, extending an eight-week drawdown totaling 44 million barrels.
Despite the steep reductions, crude stockpiles remain 7 million barrels higher year-to-date. The Strategic Petroleum Reserve also continues to shrink, adding to supply concerns.
Oil prices showed limited reaction to the data, reflecting broader market sentiment overriding inventory trends.