US oil reserves fall more than expected

Commercial crude oil stockpiles in the United States fell more than expected last week due to a sharp increase in exports , the Energy Information Agency (EIA) reported Wednesday.

In the week ending June 13, these stocks fell by 11.5 million barrels, while analysts had expected a decline of about 2.5 million barrels, according to the market average compiled by Bloomberg.

Excluding strategic reserves , total stocks stood at 420.9 million barrels, the lowest level since January.

Crude oil inventories at Cushing , Oklahoma, the main delivery terminal for WTI in the United States, fell by around one million barrels.

This sharper decline can be attributed in part to a 33% increase in crude oil exports from the United States, to 4.4 million barrels per day.

At the same time, imports fell sharply (-11%).

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