U.S. Crude-Oil Stockpiles Down More Than Expected
U.S. crude-oil inventories fell more than expected last week in a third consecutive decline as refineries increased their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude-oil stocks excluding the Strategic Petroleum Reserve fell by 3.6 million barrels to 432.4 million barrels in the week ended June 6, and were about 8% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had forecast a 1.6 million-barrel decline in crude stockpiles.
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