EIA: Crude inventories decreased by 12.8 million barrels, WTI inches closer to $60

• EIA reports a much larger-than-expected draw in crude oil inventories.
• Oil prices extend gains after data, WTI inches closer to critical $60 mark.

In its weekly petroleum report for the week ending June 21, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the United States decreased by 12.8 million barrels from the previous week. With the initial reaction, the barrel of West Texas Intermediate (WTI) gained traction and is now adding 1.8% on the day at $59.80.

"Gasoline production increased last week, averaging 10.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.3 million barrels per day," the EIA further announced in its publication. "Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 1.8% from the same period last year."