In the week ending December 13, U.S. crude inventories fell by 934,000 barrels to 421 million barrels, driven by a significant jump in exports, according to the Energy Information Administration (EIA). Crude exports surged by 1.8 million barrels per day (bpd), reaching 4.89 million bpd.

The draw in crude stocks was largely influenced by a widening price spread between Brent and WTI futures, encouraging more exports to higher-priced markets. Meanwhile, distillate stocks, including diesel and heating oil, dropped by 3.2 million barrels, while gasoline inventories rose by 2.3 million barrels.

Refinery utilization rates remained strong at 91.8%, reflecting steady demand. Total product supplied, a proxy for demand, increased to 20.8 million bpd. Following the report, oil futures extended gains: Brent rose to $73.96 per barrel, and WTI reached $71.13 per barrel.