WTI bounces as DoE crude oil, product stockpiles fall sharply

US crude oil and product stockpiles shrank rapidly during the latest reference week, according to the latest government data.

Commercial oil inventories fell by 6.3 millions barrels during the week ending on 30 June to reach 502.9m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

In parallel, gasoline inventories fell by 3.7m barrels and those of distillates by 1.9m.

Crude oil imports meanwhile declined by 274,000 barrels a day to average 7.7m barrels a day.

Refineries operated at 93.6% of their capacity.

As of 1615 BST front month West Texas Intermediate crude oil futures were higher by 2.42% to $46.25 a barrel on the ICE, recouping most of the prevuious session's losses.

In parallel, Brent crude futures were adding 2.21% to $48.87 a barrel.