By Liz Moyer
- Crude oil stockpiles fell by more than expected, according to the Energy Information Administration.
Inventory fell 7.2 million barrels for the week ending June 27 compared to a build of 1.4 million barrels the previous week. Analysts followed by had forecast a draw of 710,000 barrels.
The government's data confirmed industry data from the American Petroleum Institute released Tuesday that estimated a greater than expected draw of 8.1 million barrels.
The amount of oil stored at Cushing, Oklahoma, to settle WTI delivery fell a larger than expected 263,000 barrels, but that was less than the draw of 991,000 barrels the previous week. Gasoline inventory rose 1.2 million barrels, compared to a draw of 1.7 million barrels a week ago. Distillate inventory fell 593,000 barrels, compared to a build of nearly 250,000 barrels previously.
Oil prices rose in early morning trading. Crude oil WTI futures jumped 1% after the data were released at 10:30 AM ET, to $39.59, and international benchmark Brent was up 0.8%, near $41.60 a barrel.
