US commercial crude inventories saw a significant reduction, falling by 3.7 million barrels for the week ending 1 July, while total motor gasoline inventories declined by 5.6 million barrels, further supporting the market.
While local oil production remained steady at 13.3 million barrels per day, net crude oil imports fell by about 388,000 barrels, averaging 2.68 million barrels per day. On the other hand, crude exports jumped to 4.2 million barrels per day.