U.S. Crude Inventories Fall 1.7 Million Barrels As Iran Tensions Rattle Markets

AI Summary

U.S. crude oil inventories dropped by 1.7 million barrels, reaching 409.7 million barrels as of July 10, marking 6% below the five-year average. This decline reflects market concerns amid rising Iran tensions, impacting global energy dynamics.

Crude oil inventories in the United States saw a decrease of 1.7 million barrels during the week ending July 10, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 409.7 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA's data release follows API's figures that were released a day earlier, which reported that crude oil inventories saw a small draw of 564,000 barrels in the period.…