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U.S. crude inventories fall by 1.7 million barrels in week to July 10

The EIA data put commercial stockpiles at 409.7 million barrels, about 6% below the five-year average for this time of year.

Reported · Written up by our desk · Energy

U.S. crude oil inventories declined by 1.7 million barrels in the week ending July 10, according to new data from the U.S. Energy Information Administration, released Wednesday.

The drop lowered commercial stockpiles to 409.7 million barrels, which the EIA said is 6% below the five-year average for this time of year. The EIA’s release followed an earlier API estimate of a small draw of 564,000 barrels.

Oil prices traded lower in morning trading despite rising U.S.-Iran tensions. At 10:45 a.m. in New York, Brent futures were around $84.08 per barrel, down 0.7% on the day, while WTI was about $79.13, down 0.3%.

The EIA also reported motor gasoline inventories fell by 1.5 million barrels versus the prior week’s 1.9 million barrel draw, while distillate inventories increased by 4.6 million barrels. Total products supplied averaged 20.3 million barrels per day over the last four weeks, up 0.3% year over year, per the report.

Latest closeWTI crude $79.90 ▲2.2%|Brent $85.36 ▲2.5%|Gasoline (RBOB) $3.042 ▼3.9%

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