US crude stocks register seventh straight weekly fall: EIA

Crude oil stockpiles declined for the seventh straight week, falling to their lowest levels since November, the US Energy Information Administration (EIA) said in a report on Wednesday.

Inventories fell 8.5 million barrels in the week ended July 26, it said, adding, crude inventories, not including strategic oil reserves, were at the five year average for this time of year at 436.5 million barrels.

Crude stocks at the Cushing, Oklahoma fell by 1.5 million barrels, EIA said. Refinery crude runs declined by 43,000 bpd and refinery utilization rates were down 0.1 percentage point to 93 percent of total capacity.