U.S. inventories of crude oil recorded two straight weeks of supply drawdowns, according to new data from the Energy Information Administration (EIA) on Wednesday.
In the week ending June 17, crude stockpiles fell 386,000 barrels, falling short of the market estimate of a 569,000-barrel decline. The EIA further reported that oil stocks fell 2.762 million in the week ending June 24.
The EIA released two weeks of data after it had reported “voltage irregularity” systems issues and had warned of an indefinite delay until the matter had been resolved.
Meanwhile, the weekly storage report confirmed that inventories at the Cushing, Oklahoma storage facility tumbled by 572,000, barrels (June 17) and 782,000 barrels (June 24)….