US commercial crude oil inventories fell by 0.4% in the week ending July 10, according to data released by the Energy Information Administration (EIA) on Wednesday.
Inventories declined by around 1.7 million barrels to 409.7 million barrels, whereas market expectations had forecast a decrease of around 1.8 million barrels.
Strategic petroleum reserves, which are excluded from commercial crude stocks, also fell by about 3 million barrels to 316.5 million barrels, the data revealed.
Over the same period, gasoline inventories decreased by approximately 1.5 million barrels to 210.5 million barrels.
- Crude production increases
EIA data showed that US crude oil production increased by 1,000 barrels per day (bpd) to about 13.86 million bpd during the week ending July 10.
US crude oil imports increased by 60,000 bpd to around 5.68 million bpd, and exports increased by 459,000 bpd to about 3.72 million bpd over the same period.
In its Short-Term Energy Outlook (STEO) released on July 7, the EIA forecasted that US crude oil output would average 13.78 million bpd in 2026.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
