EIA data for the week ended July 3 also showed U.S. commercial crude inventories rose about 3 million barrels for the first time in 11 weeks, against expectations for a decline.
U.S. Energy Information Administration data for the week ended July 3 showed the Strategic Petroleum Reserve fell by 6.166 million barrels, after a previous 5.536 million-barrel decline, leaving the reserve at its lowest level since the week of April 29, 1983. In the same week, U.S. commercial crude inventories excluding the SPR rose by about 3 million barrels to 411.4 million barrels, the first weekly increase in 11 weeks, versus expectations for a decline. The EIA said the build reflected higher production and imports and lower exports, while stocks at Cushing, Oklahoma fell by 52,000 barrels.