U.S. crude stockpiles drop as exports surge to record high- EIA

By David Gaffen

July 27 (Reuters) – U.S. crude oil stockpiles fell last week, driven by a surge in exports to an all-time high due to the big discount for U.S. crude when compared with international benchmark Brent.

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Crude inventories dropped 4.5 million barrels to 422.1 million barrels in the week ended July 22, Global News compared with analysts’ expectations in a Reuters poll for a 1 million-barrel drop, the U.S. Energy Information Administration said on Wednesday.

The decline was in large part the result of a surge in crude exports to a record 4.5 million barrels per day in the latest week.