A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. decreased by much more than expected in the week ended August 15th.
The EIA said crude oil inventories tumbled by 6.0 million barrels last week after rising by rising by 3.0 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.3 million barrels.
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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.