The Energy Information Administration released a report on Wednesday showed U.S. crude oil inventories pulled back much more than expected in the week ended September 12th.
The report said crude oil inventories plunged by 9.3 million barrels last week after jumping by 3.9 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.5 million barrels.
At 415.4 million barrels, U.S. crude oil inventories are about 5 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.