U.S. Oil Inventories Down for Eighth Week in Row

The U.S. Energy Information Administration (EIA) on Wednesday reported another decline in crude oil inventories for the eighth consecutive week.

Crude oil inventories decreased by 7.9 million barrels for the week ended July 9.

The eighth consecutive weekly fall in oil supplies, despite being expected, has exceeded most market expectations.

Meanwhile, gasoline stockpiles rose by a million barrels, and so did distillate inventories, rising by 3.7 million barrels last week.