US crude stocks resume decline

Oil

US crude oil inventories fell by 4.2M bbls w-o-w to total 459.7M bbls in the week ending 24 July, according to the US Energy Information Administration. US crude imports dropped by 396K b/d from the prior week to average 7.5M b/d, but remained in line with their average for the last four weeks (which was up 1% y-o-y). US crude runs slipped by 108K b/d w-o-w from last week's record high to 16.8M b/d. Refineries operated at 95.1% of capacity.