US crude oil inventories moved sharply lower in the week ended July 10 amid plunging imports and steady refinery demand, Energy Information Administration data showed July 15. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Commercial crude stockpiles plunged 7.49 million barrels to 531.69 million barrels during the week ended July 10, EIA data showed, narrowing the surplus to the five-year average to 16.6%. An additional 130,000 barrels flowed into storage at the Strategic Petroleum Reserve. It was the smallest increase since late April, when the US Energy Department began leasing SPR space to producers in an attempt to alleviate an acute storage shortage that sent WTI futures negative. The bulk of the US crude draw was centered […]