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US Oil Inventories Sag as Hormuz Turmoil Rages On
Crude oil inventories in the United States saw a decrease of 7.2 million barrels during the week ending July 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday.
AI Summary
US oil inventories have declined significantly, with a decrease of 7.2 million barrels recorded during the week ending July 24. This reduction brings the total commercial stockpiles to 404.5 million barrels, which is now 7% below the five-year average for this time of year. The decrease in US oil inventories comes amidst ongoing turmoil in the Strait of Hormuz, a critical waterway for global oil shipments.
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