DID Press: US commercial crude oil inventories fell by 7.2 million barrels in the week ending July 24, reaching approximately 404.5 million barrels, according to the weekly report from the U.S. Energy Information Administration (EIA).
The EIA said crude stockpiles have declined to their lowest level since 2018 and now stand about 6% below the five-year seasonal average.
The report showed that U.S. refineries operated at 97.2% of capacity during the reporting period, while crude oil exports increased and imports declined compared with the previous week.
Gasoline and distillate fuel production also rose. Gasoline inventories increased by 7,000 barrels, while diesel and heating oil stocks climbed by 1.1 million barrels.
Analysts said the sharp decline in U.S. crude inventories comes as global oil markets remain sensitive to geopolitical tensions and concerns over supply disruptions, contributing to higher international oil prices.