(+) US Oil weekly update: Crude stocks and active rigs declining.

Last week`s EIAs inventory report, data for week ending June 28, showed a massive draw in crude stockpiles, only three times in the last five years have we seen a bigger weekly decline. The bullish 12.1 million barrels draw spiked the WTI-prices, jumping from mid-$82/barrel to north of $84/barrel. Prices since then has been on a steady decline since July 5. This week’s report for the week ending July 5 the decline in inventory continued, with a 3.4-million-barrel draw. With last week`s draw the crude stock is 4% below the five-year average for this time of year.