EIA: Crude inventories decreased by 3.1 million barrels, WTI leaps above $54

In its weekly petroleum report for the week ending June 14, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the United States decreased by 3.1 million barrels from the previous week. With the initial reaction, the barrel of WTI gained traction and rose above the $54 mark. As of writing, WTI was up 0.4% on the day at $54.25.

"Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day," the EIA noted in its publication. "U.S. crude oil imports averaged 7.5 million barrels per day last week, down by 144,000 barrels per day from the previous week."