Crude oil futures ended lower on Wednesday despite data showing a drop in US crude inventories for an eighth straight week. Data released by Energy Information Administration (EIA) showed crude inventories in the US dropped by 7.9 million barrels in the week ended July 9, much higher than an expected decline of about 4.9 million barrels. The American Petroleum Institute's report showed crude oil inventories fell by 4.1 million barrels last week. Further, data showing a drop in China's first-half crude imports also weighed on oil prices. Data released by the General Administration of Customs showed that imports into China for the first half of 2021 totaled 260.66 million tons, or about 10.51 million bpd, down about 3% from last year. Oil prices also fell due reports that major crude producers Saudi Arabia and the United Arab Emirates have arrived at a compromise with regard to production levels.
Crude oil futures for August fell $2.12 or 2.8 percent to settle at $73.13 barrel on the New York Mercantile Exchange. September Brent crude dropped $1.7 or 2.3 percent to settle at $74.76 a barrel on London's Intercontinental Exchange.