The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories fell
by 7.493 million barrels in the week ended July 10. Economists had forecast a
decrease of 2.275 million barrels.
At the same
time, gasoline stocks dropped by 3.147 million barrels, while analysts had
expected a decline of 0.643 million barrels. Distillate stocks decreased by 0.453
million barrels, while analysts had forecast a build of 1.485 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 11.000 million barrels a day.
U.S. crude oil
imports averaged 5.6 million barrels per day last week, decreased by 1.8
million barrels per day from the previous week.