Data compiled by Woofun AI shows the US Energy Information Administration reported a Strategic Petroleum Reserve reduction of 8,941,000 barrels for the week ending June 12, surpassing the previous week’s decline of 7,927,000 barrels.

Concurrently, total crude oil inventories retreated by 8,263,000 barrels, significantly outpacing market expectations of a 4,566,000 barrel draw and the prior week’s 7,227,000 barrel decrease. Cushing, OK crude stocks also fell by 1,606,000 barrels, compared to an 801,000 barrel drop in the preceding period.