U.S. Oil Inventories Continue Slide as Refiners Boost Runs

Crude oil inventories in the United States decreased by 7.2 million barrels during the week ending June 5, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 426.5 million barrels, according to government data, which is now 5% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 9.119 million barrels in the period.…