U.S. crude oil inventories fell by 8 million barrels last week, marking the sixth consecutive weekly decline as exports increased and refineries operated near full capacity. The drawdown reflects continued strong demand and robust refining activity across the United States.

The U.S. services sector expanded in May, driven by increased activity despite ongoing supply chain constraints that contributed to higher prices. The growth in services activity suggests continued economic momentum in the world's largest economy.

Meanwhile, Russia reported that its oil and gas revenues rose 32% year-over-year to $9.26 billion in May, according to official data. The increase reflects higher energy prices and continued export volumes despite international sanctions related to the conflict in Ukraine.

Separately, Bloomberg reported that Russia has been making multi-billion dollar payments to domestic refiners, which has impacted state revenues. These subsidies are part of efforts to maintain domestic fuel supplies and support the energy sector.

In the U.S. housing market, home sellers are withdrawing properties from the market at the fastest pace since 2020, according to CNBC. The trend suggests shifting dynamics in the real estate sector as market conditions continue to evolve.

The energy and economic indicators reflect broader global market adjustments as countries navigate supply chain challenges, geopolitical tensions, and changing demand patterns across multiple sectors.