Crude oil inventories fall for a sixth straight week

US crude oil inventories continue to fall.

The latest data from the Energy Information Administration showed that inventories fell by 6.81 million barrels in the week ending June 5.

In the prior week, crude inventories fell by 1.9 million barrels.

Last week's decline brought the total to 470.6 million barrels, keeping inventories at the highest levels for this time of year in at least 80 years.

West Texas Intermediate crude oil, the US benchmark, was up about 2% at around $61.45 per barrel shortly after the data.

The EIA released its latest short-term monthly outlook report on Monday, which forecasts that US crude production will fall from 9.6 million barrels per day in May until early 2016.

More to come ...