It has been a volatile week for benchmark crudes and prices hit their lowest levels since early June as falling US inventories has failed to lift prices. The ghost of weaker demand signals from China and signs that the physical crude market is not as tight as many analysts had expected earlier have weighed heavy on prices, together with a risk-off sentiment in the oil market. The downward spiral and three-week drop came to a halt as geopolitical tensions in the Middle East ignited a new belief in higher oil prices.
U.S. commercial crude oil inventories excluding SPR decreased by 3.4 million barrels from the previous week. A 0.8 percent weekly draw puts U.S. crude oil inventories about 4% below the five-year average for this time of year at 433 million barrels. The SPR gained another 0.7 million barrels last week to offset some of the draws. Crude stocks including SPR for the week ending July 26 at 808.1 million barrels compared to previous week at a total of 810.9 million barrels.
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