U.S. commercial crude oil inventories excluding the Strategic Petroleum Reserve fell by 6.1 million barrels to 412.1 million barrels in the week ended June 19, marking a ninth consecutive weekly decline and exceeding analysts’ expected 4.1 million-barrel draw. Even so, oil futures moved lower, with WTI down 3.8% and the most active Brent contract off 3.5%, as the return of ships through the Strait of Hormuz eased immediate supply fears. The U.S. Energy Information Administration, or EIA, also reported increases in gasoline and distillate fuel stocks. TradeStation’s David Russell said near-term inventory drawdowns and market disruption make the short-term outlook difficult to read, but argued the intermediate- to long-term backdrop is more bearish as OPEC lifts production and Venezuela returns to the market.