After reporting a substantial increase in U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories saw further upside in the week ended February 27th.
The EIA said crude oil inventories climbed by 3.5 million barrels last week after surging by 16.0 million barrels in the previous week. Economists had expected crude oil inventories to rise by 2.2 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.