U.S. commercial crude oil inventories experienced a larger-than-anticipated decline, falling by 7.2 million barrels in the week ending July 24. This drop significantly exceeded the 600,000 barrel decrease predicted by analysts. The U.S. Energy Information Administration (EIA) reported that crude stocks, excluding the Strategic Petroleum Reserve (SPR), now stand at 404.5 million barrels, approximately 7% below the five-year average.

The drawdown was attributed to decreased imports, increased exports, and higher refinery activity. Oil held in the SPR also decreased by 3.8 million barrels due to ongoing emergency releases. Additionally, crude stocks at Cushing, Oklahoma, a key delivery point, fell by 771,000 barrels. U.S. crude oil production remained steady at 13.8 million barrels a day, while imports saw a reduction and exports increased.