US crude oil inventories fell by 3.3 million barrels in the week to 24 July

Market sources said on Tuesday, 28 July 2026 (6 Mordad 1405), citing data from the American Petroleum Institute, that US crude oil inventories fell by about 3.3 million barrels in the week ending 24 July. The report was filed by Reuters from Houston.

According to the same data, product stocks moved in the opposite direction: US gasoline inventories rose by 918,000 barrels and distillate inventories by 355,000 barrels compared with the previous week.

The American Petroleum Institute is an industry body whose data is released ahead of the official statistics from the US Energy Information Administration, and markets typically read it as a preliminary estimate. A drawdown in crude stocks at the world's largest consumer is normally supportive for oil prices, a variable that matters for Iran's economy through export revenue.