US crude oil inventories declined by 7.167 million barrels in the week ending July 24, far exceeding market expectations for a 1.3 million-barrel draw. Stocks at the Cushing, Oklahoma delivery hub fell by 771 thousand barrels over the same period.
Distillate inventories—which include diesel and heating oil—increased by 1.062 million barrels, surpassing forecasts for a 0.2 million-barrel build. Meanwhile, net US crude imports fell by 237 thousand barrels per day.
