Key points:

• Over the past week, the United States' strategic oil reserves have increased from 373.7 million barrels to 374.4 million barrels.
• US domestic oil production remains unchanged at 13.3 million barrels per day.
• After the release of the EIA report, WTI oil prices closed around $77.50.

On July 24th, EIA released its weekly oil report. The report shows that crude oil inventories decreased by 3.7 million barrels compared to the previous week, while analysts' general expectation is a decrease of 2.05 million barrels. Based on current levels, crude oil inventories are about 5% lower than the five-year average.

The total gasoline inventory decreased by 5.6 million barrels, far exceeding analysts' expectations of 900,000 barrels. The inventory of distillate fuels decreased by 2.8 million barrels.

The import volume of crude oil decreased by 166,000 barrels per day, averaging 6.9 million barrels per day. The report shows that the average crude oil imports over the past four weeks were 6.8 million barrels per day.

The strategic oil reserves have increased from 373.7 million barrels to 374.4 million barrels, and the United States continues to purchase oil to increase its reserves.

Domestic oil production remains unchanged at 13.3 million barrels per day. Due to the recent oil market downturn, production may not increase in the short term.

Due to traders' reaction to the report, WTI crude oil prices hovered around $77.50, while Brent crude oil trading prices were close to $81.50. The report shows a decrease in crude oil and gasoline inventories, highlighting strong energy demand and therefore bullish.