US crude oil inventories fall by 1.7M barrels

US commercial crude oil inventories fell by 1.693 million barrels last week to 409.7 million barrels, Report informs, citing the weekly update of the US Department of Energy.

According to weekly data as of July 10, gasoline inventories decreased by 1.533 million barrels, while distillate stocks rose by 4.556 million barrels.

Trading Economics had expected crude inventories to fall by 2.6 million barrels, gasoline stocks to decline by 800,000 barrels and distillate inventories to rise by 100,000 barrels.

Crude inventories at the Cushing terminal, where oil traded on the New York Mercantile Exchange is stored, increased by 430,000 barrels.