8/5, 4:31 PM (Source: TeleTrader)
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EIA: US crude inventories drop by 7.4 million barrels

United States' commercial crude oil inventories, excluding inventories in the Strategic Petroleum Reserve, decreased by 7.4 million barrels to land at 518.6 million barrels in the week ending July 31, the US Energy Information Administration (EIA) reported on Wednesday.

The crude oil refinery inputs averaged 14.6 million barrels per day, marking an increase of 42,000 barrels per day compared to the previous week. Refineries operated at 79.6% of their capacity. Meanwhile, the gasoline production rose, averaging 9.3 million barrels per day.

Crude oil imports in the US amounted to 6 million barrels per day, 0.9 million barrels per day more than the week before. Total commercial petroleum inventories went down by 2.1 million barrels.

Breaking the News / BU