A report released by the Energy Information Administration on Wednesday showed a steep drop by crude oil inventories in the U.S. in the week ended October 24th.
The EIA said crude oil inventories plunged by 6.9 million barrels last week after dipping by 1.0 million barrels in the previous week.
At 416.0 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.