US crude oil inventories fall for a second week

Crude oil inventories in the States shrank for a second week in a row alongside a drop in gasoline stockpiles, official data showed.

Commercial crude oil inventories dropped by 2.5m barrels during the week ending on 16 June to reach 509.1m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Economists had forecast a fall of 2.0m barrels.

In parallel, imports of crude slipped by 149,000 barrels per day from the prior week, lowering the average daily rate last week to 7.9m.

Gasoline stockpiles were also lower, decreasing by 0.6m barrels as refineries operated at 94.0% capacity.

Inventories of distillates on the other hand rose by 1.1m barrels.

As of 1546 BST, front month West Texas Intermediate futures on ICE were ahead by 0.64% at $43.78 a barrel.