Weekly Crude Oil Review: WTI futures hit one-week high before witnessing correction

WTI crude oil futures rebounded to one-week high above $66.70 per barrel mark after weekly data showed a large US crude inventory draw. The US Energy Information Administration (EIA) weekly crude oil stock report showed crude oil stockpiles in the US for the week ending July 18 declined by 3.169 million barrels, compared to a fall of 3.859 million barrels in the previous week. Soaring equities also boosted the counter though a firm US dollar index capped the upmove and pulled the counter down to $65 per barrel.

EIA stated that the US crude oil refinery inputs averaged 16.9 million barrels per day during the week ending July 18, 2025, which was 87 thousand barrels per day more than the previous week’s average. Refineries operated at 95.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased by 95 thousand barrels per day last week, averaging 5.1 million barrels per day.

EIA noted that US crude oil imports averaged 6 million barrels per day last week, decreased by 403 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 7.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 606 thousand barrels per day, and distillate fuel imports averaged 115 thousand barrels per day.

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