US crude inventories decline for tenth week to over 20-year low, EIA says

U.S. crude inventories fell for a 10th straight week to the lowest level since 1985, signaling materially tighter supply as demand surged. The EIA noted the Iran war is continuing to disrupt global energy markets, adding a geopolitical risk premium to crude prices. The report is supportive for oil and energy-linked assets, with potential sector-level price impact.

Analysis

U.S. crude inventories fell for a 10th straight week to the lowest level since 1985, signaling materially tighter supply as demand surged. The EIA noted the Iran war is continuing to disrupt global energy markets, adding a geopolitical risk premium to crude prices. The report is supportive for oil and energy-linked assets, with potential sector-level price impact.