05:54 AM EDT, 07/04/2024 (MT Newswires) -- U.S. crude oil inventories declined by 12.2 million barrels to 448.5 million barrels in the week ended June 28, the U.S. Energy Information Administration said in its This Week in Petroleum report on Wednesday.

Crude oil production rose by 25,000 barrels per day (b/d) to 13.2 million b/d week over week, the EIA reported.

Crude oil imports fell by 128,000 b/d to 7.13 million b/d while exports declined by 25,000 b/d to 3.98 million b/d compared with a week ago.

U.S. gasoline stocks also posted a decline of 2.2 million barrels to 231.7 million barrels week-over-week. Stockpiles of distillate also fell by 1.6 million barrels to 119.7 million barrels, the EIA reported.