Oil prices increased on Wednesday after EIA reported a 4.2 million-barrel drop in crude supplies. You can download the report here. U.S. crude oil refinery inputs averaged about 16.8 million barrels per day during the week ending July 24, 2015, 108,000 barrels per day less than the previous week’s average. U.S. crude oil imports averaged over 7.5 million barrels per day last week, down by 396,000 barrels per day from the previous week. U.S. commercial crude oil inventories decreased by 4.2 million barrels from the previous week. Analysts polled by Platts forecast a crude-stock fall of 700,000 barrels, while the American Petroleum Institute Tuesday said supplies declined 1.9 million barrels, according to sources.

crude oil prices

Later today the Federal Reserve’s open market committee will end its two-day meeting with an announcement on interest rates. There is little expectation for a rise, but tea-leaf readers will be looking for hints that a boost is coming sooner rather than later. When the Fed finally does commit to raising interest rates the dollar is most likely to strengthen putting more pressure on commodities like oil that are priced in dollars.

Total products supplied over the last four-week period averaged 20.1 million barrels per day, up by 3.8% from the same period last year.