US crude oil inventories fall for eighth straight week

US crude oil inventories fell yet again last week, according to the Energy Information Administration.

Commercial crude inventories fell by 4.9 million barrels in the week ended June 19.

Last week’s decline brought the total number of oil barrels in storage to 463 million.

In the week prior, inventories fell by 2.7 million barrels.

Despite the consistent weekly drop, crude stockpiles are still at the highest levels for this time of year in at least 80 years.

The shale boom contributed to an epic build up in oil inventories. The EIA forecasts that oil production will slow down through early 2016.

Ahead of the data, West Texas Intermediate crude oil was up less than 1% at around $US61.39 per barrel. Earlier, it climbed to around $US61.57, the highest level since June 3.

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