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U.S. crude inventories rise as SPR releases continue

API estimated U.S. crude inventories increased by 3.3 million barrels in the week ending July 24, while 3.7 million barrels left the SPR to bring it to 307.7 million barrels.

Reported · Written up by our desk · Energy

American Petroleum Institute data cited by OilPrice showed U.S. crude oil inventories rose again in the week ending July 24, increasing by 3.296 million barrels after a 2.603 million barrel rise the week before.

Commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) have fallen by just over 54 million barrels over the past 15 weeks, while U.S. crude inventories are down about 3 million barrels year to date, with the decline supported by draws from the SPR.

For the week ending July 24, another 3.7 million barrels was withdrawn from the SPR, bringing total SPR inventories to 307.7 million barrels, far below prior levels and 424 million barrels shy of maximum capacity, according to the article.

The article also cited that U.S. production for the week ending July 17 fell slightly to 13.798 million barrels per day, and noted gasoline inventories rose by 918,000 barrels in the week ending July 24.

Latest closeWTI crude $81.23 ▼1.7%|Gasoline (RBOB) $3.164 ▼4.9%

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