US Crude Oil Stocks Plummet as Refinery Utilization Hits 97.2%

The US Energy Information Administration (EIA) has released its weekly oil inventory report, revealing a significant decline in commercial crude oil stocks.

The data shows that US crude oil inventories fell by 7.2 million barrels to 404.5 million barrels in the week ending July 24.

This drop comes on the back of increased refinery utilization, which rose to 97.2% from the previous week's 96.1%, indicating a surge in production and processing capacity.