Crude Inventories Decline By 2.7 Million Barrels; WTI Oil Attempts To Rebound From Session Lows

U.S. crude oil imports declined by 90,000 bpd from the previous week, averaging 5.5 million bpd. Over the past four weeks, crude oil imports averaged about 5.8 million bpd.

Strategic Petroleum Reserve increased from 397.5 million barrels to 398.5 million barrels. The U.S. has accelerated purchases for strategic reserves, which may provide some support to the market.

Domestic oil production increased from 13.46 million bpd to 13.465 million bpd. From a big picture point of view, domestic oil production stabilized after the pullback from recent highs.

WTI oil settled near the $59.60 level as traders reacted to the EIA report. The report may serve as a bullish catalyst for oil markets, although traders may stay focused on the disappointing GDP Growth Rate report from the U.S.

Brent oil made an attempt to settle above the $62.50 level after the release of the EIA data.

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