Domestic crude oil inventories dropped last week, continuing a trend as mounting demand alongside a rebound in travel and economic activity outstripped production, the U.S. Energy Information Administration (EIA) said Wednesday.

Excluding those in the Strategic Petroleum Reserve, crude stocks plunged by 6.7 million bbl during the week ended June 25, EIA’s Weekly Petroleum Status Report showed. That followed a 7.6 million bbl drop the prior week.

At 452.3 million bbl, U.S. inventories are about 6% below the five-year average and are at the lowest level since prior to the pandemic.

Overall petroleum demand increased 1% week/week – following several weekly increases over the spring and early summer. At 20.9 million b/d for the June 25 week, demand hit its highest level since...