EIA data shows commercial crude inventories fell to 409.7 million barrels, 6% below the five-year average for mid-July.
U.S. crude oil inventories declined by 1.7 million barrels in the week ended July 10, the Energy Information Administration reported. The drawdown pushed commercial stockpiles to 409.7 million barrels, marking a 6% deficit to the five-year seasonal average.
The drop follows earlier industry data from the American Petroleum Institute, which estimated a smaller 564,000-barrel decline. Analysts had anticipated a modest reduction, but geopolitical tensions with Iran added upward pressure on oil prices.
Markets reacted cautiously as traders weighed the inventory decline against broader supply risks in the Middle East.