A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. fell by much more than expected in the week ended April 25th.
The EIA said crude oil inventories slid by 2.7 million barrels last week after inching up by 0.2 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.6 million barrels.
At 440.4 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.