US oil inventories fall for seventh straight week

US crude oil inventories fell for a seventh straight week last week.

According to the Energy Information Administration, commercial crude inventories fell by 2.7 million barrels in the week ended June 12.

In the prior week, crude inventories fell by 6.81 million barrels, the largest weekly decline since last July.

Last week’s decline brought the total to 467.9 million barrels, keeping inventories at the highest levels for this time of year in at least 80 years.

Following the data, West Texas Intermediate crude oil was up by more than 1%, at around $US61.12 per barrel.

US oil production has been on the rise. However, the EIA’s latest short-term outlook forecasts that production topped in May, and will fall until early 2016.

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