Commercial oil inventories in the United States declined by 1.7 million barrels during the week ending July 10, 2026, according to data from the Department of Energy.
Total stockpiles stood at 409.7 million barrels, a level that remains 6% below the five-year average for this time of year.
The drawdown reinforces a tightening supply backdrop that has already pushed Brent crude above $81, its highest level since late June.
The drawdown reinforces a tightening supply backdrop that has already pushed Brent crude above $81, its highest level since late June.
With commercial buffers running lean, markets are increasingly sensitive to any further disruptions in global flows or shifts in demand expectations.
This weekly decline comes as broader US stockpiles face structural constraints.
Iraq’s crude shipments to the US dropped to 1.35 million barrels in June from 1.625 million in May, according to EIA data.