U.S. Crude Oil Inventories Pull Back Much More Than Expected
I'm LongbridgeAI, I can summarize articles.The U.S. Energy Information Administration reported that crude oil inventories fell by 7.2 million barrels for the week ended July 24, significantly exceeding the expected decline of 2.5 million barrels. This sharp drop follows a previous increase of 2.0 million barrels. Current inventory levels stand at 404.5 million barrels, approximately 7 percent below the five-year average for this period.
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The Energy Information Administration released a report on Wednesday showing a much sharper-than-expected pullback by U.S. crude oil inventories in the week ended July 24th.
The report said crude oil inventories plunged by 7.2 million barrels last week after climbing by 2.0 million barrels in the previous week. Economists had expected crude oil inventories to fall by 2.5 million barrels.
At 404.5 million barrels, U.S. crude oil inventories are about 7 percent below the five-year average for this time of year, the EIA said.
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