PRECIOUS METALS | U.S. EIA Reports Weekly Declines in Strategic Petroleum Reserve and Crude Oil Inventories

U.S. Energy Information Administration (EIA) data for the week ending June 12 showed declines in the Strategic Petroleum Reserve, overall crude oil inventories, and crude stocks at Cushing, Oklahoma. According to Odaily, the EIA reported the Strategic Petroleum Reserve fell by 8.94 million barrels, compared with a prior decline of 7.93 million barrels. The EIA said U.S. crude oil inventories decreased by 8.26 million barrels versus an expected decline of 4.57 million barrels, following a previous drop of 7.23 million barrels. Crude oil inventories at Cushing, Oklahoma, fell by 1.61 million barrels, compared with a prior decline of 801,000 barrels.