Investing.com -- Total US crude oil inventories fell to 758.5 million barrels last week, marking the lowest level since March 1985, the Energy Information Administration reported today.

The combined inventories, which include commercial stocks and Strategic Petroleum Reserve holdings, declined by 17.2 million barrels in the week ended June 12, according to EIA data.

Midwest crude stocks dropped to their lowest point since December 2014, the agency said. Storage levels at Cushing, Oklahoma, fell to operational lows of approximately 20 million barrels, representing the lowest level since October 2014.

Refinery activity increased across multiple regions. Midwest refinery utilization jumped to its highest rate since December 2023, while West Coast refinery utilization rose to its highest level since July 2023, the EIA reported.