US weekly crude oil inventories fall again
During the seven-day period ending July 10, commercial inventories fell by about 1.7 million barrels
Image of a refinery in Houston
U.S. commercial crude oil inventories fell last week, partially offsetting the surprise increase at the beginning of the month, according to data released by the Energy Information Administration.
During the seven-day period ending July 10, commercial inventories fell by about 1.7 million barrels. The market had expected a decline of about 2.4 million barrels, according to the median of a consensus estimate compiled by Bloomberg.
The previous report showed an unexpected increase, the first since mid-April.
In total, commercial inventories now stand at 409.7 million barrels. The strategic reserve has continued to decline, falling to 316.5 million barrels, due to the impact of withdrawals ordered by Washington to help mitigate the effects of the conflict in the Middle East on prices.
During the period under review, U.S. production and imports remained stable. Exports rose by 14%.
Refineries slightly accelerated their pace, with a utilization rate of 96.2%, compared to 95.8% last week.
Crude oil prices
Crude oil prices posted a moderate decline on Wednesday. The barrel of Brent, the international benchmark, fell by just over 1%, and U.S. WTI by about 0.75%.
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