US commercial oil reserves fell last week, defying analyst expectations, during a period that also saw barrels drawn from the strategic reserve.
( EFE )
According to the weekly report from the US Energy Information Administration (EIA) published Wednesday, commercial reserves dropped by about 7.2 million barrels during the seven day period ending July 24.
The market had expected an increase of roughly one million barrels, according to the median of a Bloomberg consensus.
The decline was driven mainly by a fall in imports, down 2.12 percent from the prior period, and a rise in exports, up 3.40 percent.
The drop was also influenced by a statistical change at the EIA. The adjustment reduced the flow of oil into the US market by 468,000 barrels a day.
Strategic reserves also shrank, by about 3.8 million barrels.
Releases since March
The US Department of Energy announced in March the release of oil from its strategic reserve, with a first phase of 86 million barrels of crude.
In a statement, the DOE said it had issued a Request for Proposals for a crude oil exchange from the strategic reserve with companies, after announcing the release of 172 million barrels of oil.
The measure aims to address rising crude prices caused by the war in the Middle East and the situation in the Strait of Hormuz.
So far, about 107 million barrels of the 172 million Washington committed to injecting into the market have been released, in an effort to ease crude supply disruptions caused by the war in the Middle East.
