US Oil Inventories Sag as Hormuz Turmoil Rages On

Crude oil inventories in the United States saw a decrease of 7.2 million barrels during the week ending July 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 404.5 million barrels, according to government data, which are now 7% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 3.296 million barrels in…