US Crude Oil Inventories Plummet 7.2% in Week Ending July 24

US commercial crude oil inventories saw a significant decline of 7.2% in the week ending July 24, according to data released by the Energy Information Administration (EIA) on Wednesday.

The total inventory dropped by approximately 7.2 million barrels to 404.5 million barrels, which is contrary to market expectations that forecasted an increase of around 700,000 barrels.

Strategic petroleum reserves, excluded from commercial crude stocks, also decreased by about 3.8 million barrels to 307.7 million barrels over the same period.

In related news, US crude oil production fell by 2,000 barrels per day (bpd) to around 13.8 million bpd during the week ending July 24.