Brent crude prices rose 5% in June after US crude stockpiles fell sharply

To understand this rise in the price of crude oil, a look at the weekly data of US crude oil inventories published by the Energy Information Administration is very crucial.

U.S. crude stockpiles fell as oil refineries increased output, according to the latest data for the week ended June 14. U.S. oil inventories fell by 2.55 million barrels, government data showed. That’s different from an expected increase of 2.26 million barrels, according to an industry report on Tuesday, according to Bloomberg.

Gasoline inventories rose 3.3 million barrels, compared with analysts’ expectations in a Reuters poll for a gain of 188,000 barrels. Stockpiles of distillates, which include diesel and heating oil, rose 2.7 million barrels versus expectations for a 164,000-barrel decline, EIA data showed.