05:41 AM EDT, 07/11/2024 (MT Newswires) -- U.S. crude oil inventories dropped by 3.4 million barrels to 445.1 million barrels in the week ended July 5, the U.S. Energy Information Administration reported Wednesday.

Crude oil production gained 25,000 barrels per day (b/d) to 13.23 million b/d week over week, the EIA reported.

Crude oil imports decreased by 386,000 b/d to 6.74 million b/d while crude oil exports rose by 203,000 b/d to 4.18 million b/d.

Total U.S. gasoline stocks fell by 2 million barrels to 229.7 million barrels, the EIA reported. Total distillate stockpiles increased by 4.9 million barrels to 124.6 million barrels.