The current stock level is 7% below the five-year average typical for this time of the year

The U.S. released 3.7 million bbl from the Strategic Petroleum Reserve, with stockpiles falling below the 310 million bbl mark for the first time in more than 43 years.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 3.296 million barrels in the week ending July 24