WTI Slides to $84.32 as US Drilling Activity Edges Higher

Crude prices reversed gains on June 12, with WTI falling 3.87% to $84.32 and Brent dropping to $87.17. The pullback followed a mid-period rally to $90.03 that was fueled by consecutive large inventory draws. API data first showed a 9.12 million barrel crude stock decline for the week ended June 5, later confirmed by the EIA at 7.23 million barrels—well above expectations. Despite the tightening, U.S. oil rigs rose two to 433 and output climbed to 13.799 million bpd, signaling resilient supply that capped further upside.