U.S. crude oil imports declined by 488,000 bpd, averaging 5.8 million bpd. Over the past four weeks, crude oil imports averaged 6.4 million bpd.
Strategic Petroleum Reserve remained unchanged at 395.3 million as U.S. did not buy oil for strategic reserves.
Domestic oil production increased from 13,494 million bpd to 13,497 million bpd. From a big picture point of view, domestic oil production remains at high levels.
WTI oil gains ground as traders react to the EIA report. Currently, WTI oil is trying to settle above the $72.85 level. Falling gasoline inventories may provide additional support to oil markets.
Brent oil is moving towards the $77.00 level as traders focus on the EIA data. Traders will also focus on the recent disruption of oil…
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