US crude oil stockpiles fall more than expected, driving prices higher

U.S. crude oil inventories dropped by 8.3 million barrels in the week ending June 12, well above the 4.6 million-barrel decline forecast by analysts, according to data from the U.S. Energy Information Administration. Commercial crude stockpiles fell to 418.2 million barrels, while inventories at the Cushing storage hub in Oklahoma declined by 1.6 million barrels. Refinery activity also rose, with daily crude processing up by 230,000 barrels and the utilization rate climbing to 96.7 percent. In petroleum products, gasoline stocks fell by 906,000 barrels, while distillate inventories moved against expectations, rising by roughly 1 million barrels. Following the data release, global oil prices advanced. Brent crude rose to $80.32 a barrel, and West Texas Intermediate climbed to $77.55 a barrel. The EIA's weekly stockpile report was cited as the primary driver of the price movement.