U.S. commercial crude inventories shrank by 7.9 million barrels last week, marking the fourth straight draw. Data from the Energy Information Administration showed stocks at 445 million barrels, roughly 2% below the five‑year seasonal average. Analysts had projected a 3‑million‑barrel decline, so the deeper fall caught markets off guard as oil benchmarks rallied on the back of the draw.

Strong export demand and high refinery run rates helped drain inventories, while the Department of Energy tapped the Strategic Petroleum Reserve for a record 9.9 million barrel release. That withdrawal left the SPR at 374.2 million barrels, part of a planned 172‑million‑barrel draw aimed at easing Persian Gulf supply shocks. Cushing, the NYMEX delivery hub, saw stocks dip 1.6 million barrels to 25.8 million.

The cumulative effect tightened the near‑term oil market, supporting crude prices despite broader economic headwinds. Traders view the persistent inventory draw as evidence that U.S. supply remains constrained, which could sustain bullish sentiment in WTI contracts. With the SPR still earmarked for further releases, any shift in export flows will likely dictate the next inventory trend and could influence hedge fund positioning.