U.S. crude oil stockpiles decreased by 1.7 million barrels during the week ending July 10, according to data released Wednesday by the U.S. Energy Information Administration. The drawdown brought total commercial inventories to 409.7 million barrels, putting them 6% below the five-year average for this period, signaling tighter supply conditions as markets react to geopolitical developments.
The EIA figures follow more modest inventory data reported by the American Petroleum Institute a day earlier, which had recorded a decline of 564,000 barrels for the same period. The divergence between the two estimates underscores ongoing volatility in U.S. energy markets as tensions in the Middle East continue to weigh on investor sentiment and supply expectations.
The inventory decline comes as crude prices remain sensitive to regional developments that could disrupt global energy flows. Traders are closely monitoring supply dynamics and geopolitical risks, with lower inventory levels potentially supporting prices if production disruptions emerge or demand remains resilient.