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

Last week`s EIAs inventory report, data for week ending July 12, showed yet another massive draw in crude stockpiles.

EIA-data from the week ending July 12, published July 17 showed a 4.9 million barrels-draw from crude stockpile. The steep decline in crude inventories helped push benchmark crude prices up during trading hours, as the balance picture many market experts are waiting for seems to materialize as we move deeper in the summer demand season, even with weak Chinese data.