US oil inventories fall after a two-week build

US crude oil inventories fell last week after a climb for two straight weeks.

The latest data from the Energy Information Administration showed a fall in stockpiles by 4.3 million barrels in the week ended July 10.

This brought the total number of barrels to 461.4 million, maintaining them at a level not seen in the last 80 years.

In the prior week, inventories climbed by 384,000 barrels.

Following the release, West Texas Intermediate crude oil fell slightly to around $US52.17 per barrel, down more than 1%. Oil prices have zigzagged this week, but fell more than 2% on Tuesday after news of the Iran nuclear deal crossed, with some watchers concerned about a flood of exports to the market.

More to come.

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