Crude inventory falls by 7.2M barrels for the week ended July 24 – EIA

U.S. crude oil inventories fell sharply by 7.2 million barrels in the week ended July 24, taking commercial stocks ex-SPR to 404.5 million barrels, versus expectations for a 0.7 million barrel build. Gasoline inventories were unchanged, also underscoring tighter near-term refined-fuel supply conditions. The much larger-than-expected crude draw is supportive for oil prices and reflects a bullish inventory surprise for the energy market. With crude already trading higher in the related market context, the data adds fuel to the constructive tone for oil and energy-linked assets.