Azernews.Az

Ulviyya Poladova

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Commercial crude oil inventories in the United States have decreased, AzerNEWS reports.

According to data released by the U.S. Energy Information Administration (EIA), commercial crude oil stocks fell by 2.3 million barrels, reaching a total of 457.2 million barrels. Market expectations had predicted a larger decline of around 3.4 million barrels, indicating a tighter-than-anticipated adjustment in inventories.

In addition to commercial stocks, strategic petroleum reserves also recorded a decrease. Non-commercial strategic crude oil reserves dropped by 5.2 million barrels, bringing the total down to 392.7 million barrels.

Gasoline inventories in the United States also declined over the same period. Stocks fell by 2.5 million barrels, reaching 219.8 million barrels, reflecting changes in fuel consumption patterns and supply dynamics.

Crude prices came crashing down on Wednesday as President Donald Trump halted Project Freedom.

Demand has not been swayed by the recent price hikes. Total products supplied - a proxy for U.S. oil demand -averaged 20.3 million barrels per day over the last four weeks, up 2.6% compared to the same period last year. Gasoline demand averaged 9.0 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.8 million barrels - up 3.5% percent year over year