EIA: US crude inventories decreased sharply as demand revived

The Energy Information Administration (EIA) reported 7.1 million barrels drawn in US commercial crude inventories last week to 425 million barrels – a sign that demand is coming back. Coupled with the crude data was the 4.6 million barrels decreased in gasoline – much larger than the market initially expected. 

The refinery utilization rate in the country dropped 0.8 percentage points to 93.5% during the week. 

US crude exports hit 5 million barrels per day – the highest on record, data from the EIA showed.