U.S. crude oil imports declined by 343,000 bpd, averaging 5.5 million bpd. Over the past four weeks, U.S. crude oil imports averaged 5.8 million bpd.
Strategic Petroleum Reserve increased from 395.3 million barrels to 395.6 million barrels as the U.S. resumed oil purchases for strategic reserves.
Domestic oil production increased from 13.508 million bpd to 13.575 million bpd. The key question is whether rising domestic production highlights the start of the new trend, which may push domestic oil production towards the 14.0 million bpd level. In this scenario, oil markets may find themselves under more pressure.
WTI oil moved higher as traders reacted to the EIA report. Traders focused on falling gasoline inventories and ignored rising domestic oil production. Currently, WTI oil is trying to settle above the $67.50 level.
Brent oil moved above the $70.50 level after the release of the EIA report.
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