Crude oil inventories in the United States fell sharply this week by 4.44 million barrels for the week ending July 12, according to The American Petroleum Institute API. For the week prior, the API reported a 1.9 million barrel draw in crude inventories. This week marks the third week in a row of API-estimated inventory draws for crude oil, for a total loss of 15.5 million barrels.
23% on the day at $83.81—down about $1 per barrel from this time last week. The U.S. benchmark WTI was also trading down on the day by $1.08 -1.32% at $80.83—down nearly $1 per barrel from this time last week. Gasoline inventories rose this week by a small amount, 365,000 barrels, after last week’s 3-million-barrel decrease. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose this week by 4.