But oil trades lower
Crude oil inventories dropped for the eighth straight week in the Energy Information Administration’s Weekly Petroleum Status Report for the week ended June 19, 2015.

Inventories peaked at 490,912 MBO in the last week of April, but have since averaged weekly declines of about 3,490 MBO. The current level of 462,993 MBO is still about 22% above the five-year average, but marks a sharp decline from April’s excess of nearly 30%.

Cushing storage has declined to about 56,200 MBO and is at 80% capacity. The pipeline crossr...

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