US commercial crude stocks fall to lowest since 2018 on higher exports, refinery processing, EIA says

U.S. commercial oil inventories drew more than expected last week as refineries stepped up processing and exports edged higher, the Energy Information Administration said on Wednesday, as the war between the United States and Iran escalated.

Crude inventories, excluding stocks in the U.S. government's Strategic Petroleum Reserve, fell by 7.2 million barrels to 404.5 million barrels in the week ended July 24, EIA said, the lowest level since 2018. That compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel draw.

Including the SPR, stocks drew down 11 million barrels to 712.2 million, the lowest level since 1984.