US crude stocks hit 8-year low
The U.S. Energy Information Administration announced that commercial crude oil inventories in the United States decreased by 3.8 million barrels to reach 408.4 million barrels, the lowest level since September 2018. This came ahead of increased demand at domestic refineries before the Fourth of July holiday. Concurrently, Brent crude oil prices fell by 1.6%, while distillate inventories rose to 108.6 million barrels. Gasoline inventories increased by approximately 2.3 million barrels, reaching 214 million barrels. Additionally, U.S. oil imports saw an increase of 370,000 barrels per day.
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