Commodities Buzz: US crude oil inventories down 7% on year

Crude oil inventories in the United States saw a decline 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.

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