The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories declined by
3.741 million barrels in the week
ended July 19, following a tumble of 4.870 million barrels in the previous
week. Overall, this was the fourth straight weekly draw in the U.S. crude inventories. Economists
had forecast a drop of 2.050 million barrels.
At the same
time, gasoline stocks plunged by 5.572 million barrels, the
most since the week ended March (-5.66
million barrels). Analysts had foreseen a slip of 0.900 million barrels. The previous
week saw an increase of 3.328 million barrels.
Elsewhere,
distillate stocks dropped by 2.753 million barrels, recording the first decrease in three weeks, the pace of which
was also the sharpest since the week ended April 12 (-2.76 million barrels). Analysts had forecast a build of 0.530 million
barrels. The previous week witnessed a climb of 3.454 million barrels.
Meanwhile, oil
production in the U.S. held
steady at 13.300 million barrels per day.
U.S. crude oil
imports averaged 6.9 million barrels per day last week,
logging a fall of 166,000 barrels
per day from the week before.