After reporting a steep drop by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories rebounded by much more than expected in the week ended October 31st.
The EIA said crude oil inventories jumped by 5.2 million barrels last week after plunging by 6.9 million barrels in the previous week.
At 421.2 million barrels, U.S. crude oil inventories remain about 4 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.