US crude oil inventory draws likely extended in the week ended July 2 amid an expected uptick in refinery demand, analysts surveyed by S&P Global Platts said July 6. Total US commercial crude oil stocks likely declined 6.2 million barrels to around 446.1 million barrels, analysts said. The draw would leave stocks around 7% behind the five-year average of US Energy Information Administration data and the lowest since the week ended Feb. 28, 2020. The expected draw would mark a seventh straight week of tightened crude inventories and leave stocks down nearly 40 million barrels from mid-May.
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