Commercial crude oil stocks dropped 8 million barrels to 433.7 million barrels last week, marking a sixth consecutive weekly decline. The Energy Information Administration reported that inventories now sit roughly 3% below the five-year average for this time of year. Analysts had expected a 3.3 million barrel decrease, making the actual decline more than double predictions.

Strong export demand and refineries operating near full capacity drove the inventory drawdown. Crude exports jumped 1.4 million barrels daily to 5.9 million barrels, while imports rose modestly to 6.4 million barrels per day. U.S. production held steady at 13.7 million barrels daily.

The Strategic Petroleum Reserve continued releasing emergency supplies, falling 8 million barrels to 357.1 million barrels. Cushing, Oklahoma hub inventories slipped to 22.4 million barrels. These inventory trends suggest tightening supply fundamentals that could support oil prices if demand remains resilient.

Market participants watch these inventory reports closely as they signal supply-demand balances. The sustained drawdown amid steady production indicates consumption strength, particularly from export markets, which helps explain why crude prices have found support despite OPEC+ production increases.