Oil closes higher as US crude inventories fall for 4th week

Oil closed on a positive note today, July 24, after crude inventories in the US declined for the fourth consecutive week.

International benchmark Brent crude futures for September delivery rose 0.85%, or 70 cents, to settle at $81.71 a barrel.

WTI crude for September delivery gained 0.8%, or 63 cents, to record $77.59 per barrel.

Data from the US Energy Information Administration revealed that oil inventories fell by 3.7 million barrels last week, with gasoline and distillate inventories down by 5.6 million barrels and 2.8 million barrels, respectively.

The weekly report showed that demand for oil—measured by finished products supplied to the market—rose by about 1.6 million barrels per day during the week. Crude oil imports fell by 166,000 barrels to 6.9 million barrels per day, and exports rose by 222,000 barrels to 4.19 million barrels per day.

Gains were capped by manufacturing PMI data, which showed a slowdown in sector activity in the US, Japan and the euro zone, raising concerns about weak demand in major economies.