US Crude Oil Inventories Plummet 7.2M Barrels, Fueling Supply Concerns

The United States Energy Information Administration reported a sharp decline in crude oil inventories, with a change of -7.167 million barrels for the week ending July 24.

This draw significantly exceeded market expectations, which had forecasted a more modest decrease of approximately 2.5 million barrels.

The larger-than-expected inventory decline may signal a tightening supply in the domestic market, potentially leading to higher oil prices.