US crude futures rise after inventory data

US crude futures recovered today after earlier data showed a steep drop in US inventories last week. 

US crude futures due on July rose 0.4%, or 28 cents to $66.62 a barrel in the New York Exchange. 

The Energy Information Administration reported a drop of 4.143 million barrels in the week ending June 8, while analysts expected a 1.440 million drop. 

Oklahoma's Cushing crude inventories fell as well by 0.687 million barrels.

Total US stocks have now fallen to 432.4 million barrels last week.

The report also showed a drop of 2.271 million barrels in gasoline stocks, while distillate inventories, including heating fuel, fell 2.101 million barrels.