On July 17th, the US Energy Information Administration (EIA) released its weekly oil inventory report. The report shows that compared to last week, crude oil inventories have decreased by 4.9 million barrels, while analysts expect an increase of 800,000 barrels. At present, crude oil inventories are about 5% lower than the five-year average level during the same period.

The total gasoline inventory increased by 3.3 million barrels compared to last week, while analysts expect a decrease of 1.7 million barrels. Diesel fuel inventory increased by 3.5 million barrels.US crude oil imports increased by 277,000 barrels per day, averaging 7 million barrels per day. Over the past four weeks, the average crude oil imports from the United States have been 6.7 million barrels per day.

The strategic oil reserves increased from 37.31 billion barrels to 37.37 billion barrels as the United States continued to purchase oil for reserves.

The domestic oil production in the United States remains at a level of 13.3 million barrels per day, which is not surprising as oil prices have stabilized at a certain level.

Traders responded to the EIA report, with WTI crude oil trading prices approaching the level of $82.00 per barrel. The decline in crude oil inventories may provide some support for the market, although some traders may be concerned about the rise in gasoline inventories.

After the report was released, Brent crude oil prices fell from their intraday highs. From a technical perspective, Brent crude oil is attempting to rebound above the level of $84.50 to $85.00.