EIA’s report reveals much-bigger-than-expected drop in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories tumbled by 8.496 million barrels in the week ended July 26. Economists had forecast a fall of 2.750 million barrels.

At the same time, gasoline stocks decreased by 1.791 million barrels, while analysts had expected a drop of 1.500 million barrels. Distillate stocks reduced by 1.791 million barrels, while analysts had forecast an increase of 1.000 million barrels.

Meanwhile, oil production in the U.S. climbed by 900,000 barrels a day to 12.200 million barrels a day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 365,000 barrels per day from the previous week.