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EIA’s report reveals unexpected drop in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 4.389 million barrels in the week ended September 11. Economists had forecast an increase of 1.271 million barrels.

At the same time, gasoline stocks dropped by 0.381 million barrels, while analysts had expected a decline of 0.160 million barrels. Distillate stocks rose by 3.461 million barrels, while analysts had forecast a build of 0.600 million barrels.

Meanwhile, oil production in the U.S. climbed by 900,000 barrels a day to 10.900 million barrels a day.

U.S. crude oil imports averaged 5.0 million barrels per day last week, down by 416,000 barrels per day from the previous week.

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