U.S. oil inventories decrease in week ending July 6: EIA

HOUSTON, July 11 (Xinhua) -- U.S. crude oil inventories decreased in the week ending July 6, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 12.6 million barrels during the week ending July 6, the biggest weekly drop in domestic crude supplies in nearly two years.

At 405.2 million barrels, U.S. crude oil inventories are about 4 percent below the five year average for this time of year.

In the previous week ending June 29, EIA reported a buildup of 1.2 million barrels.

U.S. crude oil refinery inputs averaged about 17.7 million barrels per day during the week ending July 6, which was 1,000 barrels per day less than the previous week's average.

Total motor gasoline inventories decreased by 0.7 million barrels last week and are about 6 percent above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.

Distillate fuel inventories increased by 4.1 million barrels last week and are about 12 percent below the five year average for this time of year.

Total products supplied over the last four-week period averaged 20.4 million barrels per day, down by 1.4 percent from the same period last year.

Over the past four weeks, motor gasoline product supplied averaged 9.6 million barrels per day, down by 1.7 percent from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, down by 6.1 percent from the same period last year. Jet fuel product supplied was up 0.1 percent compared with the same four-week period last year.

Oil prices slumped on Wednesday as Libya's National Oil Corp (NOC) lifted a force majeure on four Libyan oil ports.

The West Texas Intermediate for August delivery sank 3.73 U.S. dollars to settle at 70.38 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 5.46 dollars to 73.40 dollars a barrel on the London ICE Futures Exchange.