Commercial crude oil stocks fell by 1.7 million barrels last week, a sharper decline than the 900,000 barrels analysts had anticipated. The drop came as exports rose from the week before and refineries increased capacity use, according to the U.S. Energy Information Administration (EIA).

EIA data show that commercial stocks excluding the Strategic Petroleum Reserve (SPR) slipped to 409.7 million barrels in the week ended July 10, roughly 6 % below the five‑year average for this time of year. SPR inventories fell by 3 million barrels to 316.5 million barrels, the smallest weekly drawdown since early April.

Oil stored at Cushing, Oklahoma – the Nymex delivery hub – rose by 430,000 barrels to 20 million barrels. U.S. crude production held steady near 13.9 million barrels a day. Imports edged up by 60,000 barrels a day to 5.7 million barrels, while exports increased by 459,000 barrels a day to 3.7 million barrels. These movements suggest a tightening market as supply constraints and demand recovery interplay.