EIA data shows a third straight weekly crude inventory decline, exceeding forecasts and marking the largest three-week draw on record.
US crude oil inventories fell by 8263K barrels last week, surpassing the expected 4566K draw, according to government data. The decline extends a record three-week streak of large draws, signaling strong demand or supply constraints.
Prior week inventories dropped 7227K barrels, while distillates and gasoline also fell more than anticipated. Distillates drew 470K versus expectations, and gasoline inventories declined 1001K. Private data released earlier showed crude stocks down 8330K, gasoline up 2479K, and distillates down 500K.
WTI crude prices rose $1.43 to $77.47 ahead of the report, reaching session highs on the bullish inventory data.