The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the U.S. decreased by 10.8 million barrels in the week ending July 19 compared to market expectation for a decline of 4 million barrels and provided a boost to crude oil prices.
With the knee-jerk market reaction, the barrel of West Texas Intermediate gained traction and was last seen trading at $57.40, adding 0.35% on a daily basis.
Key takeaways from the publication (via Reuters)
“Weekly crude stocks at cushing off 429,000 bbls to 50.4 million.”
“Weekly crude imports off 562,000 bpd to 3.74 million bpd.”
“Weekly gasoline output up 234,000 bpd to 10.09 million bpd.”
“Total product demand over past 4 weeks 20.99 million bpd, down 0.3% from a year ago.”
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