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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid persistent global supply tightness, U.S. crude oil inventories extended their weekly decline. Energy Information Administration (EIA) data showed commercial stocks excluding the Strategic Petroleum Reserve fell by 3.8 million barrels to 408.4 million barrels in the week ended June 26, about 7% below the five-year average.
The draw coincides with strong U.S. economic indicators: GDP grew at 2.1% in the first quarter per the Bureau of Economic Analysis, reinforcing demand prospects for crude. The decline also exceeds typical seasonal norms, pointing to genuine supply tightness amid limited spare capacity among OPEC+ producers.
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Sign InTraders are watching next week's Chinese demand data and developments at OPEC+ meetings for price direction. WTI futures are holding at levels supported by the tighter fundamentals, with inventories remaining below the five-year average as a bullish anchor.