EIA: US crude oil inventories decreased by 9.5 million barrels, WTI jumps above $59

Eren Sengezer FXStreet

The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the U.S. decreased by 9.5 million barrels in the week ending July 5.

With the initial market reaction, crude oil gained traction and the barrel of West Texas Intermediate rose above the $59 mark. As of writing, the WTI was trading at $59.45, adding nearly 2% on a daily basis. Below are some key takeaways from the publication.

"U.S. crude oil imports averaged 7.3 million barrels per day last week."

"Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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