Commodities
Crude Oil Inventories Plummet, Prices Soar
US commercial crude oil inventories fell by 7.2 million barrels last week, surpassing analyst projections driven by higher refinery throughput and stronger export activity.
The Energy Information Administration reported that stockpiles excluding the Strategic Petroleum Reserve dropped to 404.5 million barrels for the seven days ending July 24, the smallest volume observed since 2018.
Market participants had anticipated a reduction of just 1.3 million barrels.