Woofun AI data shows that U.S. Strategic Petroleum Reserve levels declined by 6.166 million barrels for the week ending July 3, an increase in drawdowns from the previous 5.536 million barrels.

Crude oil inventories rose by 2.998 million barrels, contrasting with the anticipated decrease of 2.371 million and the prior drop of 3.775 million.

Meanwhile, Cushing, Oklahoma crude stocks fell by 0.052 million barrels, reversing the previous week's gain of 0.709 million barrels.