Crude oil futures plummeted on Wednesday to their fresh seven month low, despite government data showing a drop in U.S. oil stockpiles. The Energy Information Administration (EIA) reported that crude inventories fell 2.5 million barrels in the week to June 16, below expectations of draw of about 2.1 m barrels. Gasoline inventories fell by roughly 578,000 barrels, while distillate stockpiles rose by 1.1 m barrels. EIA said that surging U.S. production has offset the supply quota plan from OPEC and Russia. Output jumped to 9.35 million bpd last week, up 20,000 bpd from the previous week.

Benchmark crude oil futures for July delivery ended lower by $0.98 or 2.25 percent to $42.53 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended down by 2.35 percent to $44.94 on the ICE.

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