A report from the Energy Information Administration, released on Wednesday, indicated that U.S. crude oil inventories fell more than anticipated during the week ending July 26th.
According to the EIA, crude oil inventories decreased by 3.4 million barrels last week, following a prior reduction of 3.7 million barrels. Economists had forecasted a smaller decline of 1.6 million barrels.
With inventories at 433.0 million barrels, U.S. crude oil levels are approximately 4 percent below the five-year average for this period, the EIA noted.
The report also highlighted a decrease in gasoline inventories by 3.7 million barrels, placing them roughly 3 percent below the five-year average for this time of year.
Conversely, distillate fuel inventories, which encompass heating oil and diesel, rose by 1.5 million barrels last week. However, they remain about 7 percent below the five-year average for this season.
