US oil inventories register small decline

Commercial stockpiles of crude oil in the States registered a small drop last week, despite a large increase in imports.

US crude oil inventories fell by 0.9m barrels over the week ending on 17 June to reach 530.6m barrels, the US Energy Information Administration said.

Stockpiles of gasoline, on the other hand, rose by 0.6m barrels while those of distillates increased by 0.2m barrels.

Imports of oil jumped by 817,000 barrels per day from the previous week's level.

Refineries Stateside operated at 91.3% of their capacity last week.

As of 17:31 BST front month West Texas Intermediate crude oil futures declined by 1.569% to $49.08 per barrel on the NYMEX.