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U.S. crude oil inventories drop roughly in line with forecasts

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 1.001 million barrels in the week ended October 16. Economists had forecast a drop of 1.021 million barrels.

At the same time, gasoline stocks rose by 1.895 million barrels, while analysts had expected a decline of 1.829 million barrels. Distillate stocks tumbled by 3.832 million barrels, while analysts had forecast a decrease of 1.743 million barrels.

Meanwhile, oil production in the U.S. plunged by 600,000 barrels a day to 9.900 million barrels a day.

U.S. crude oil imports averaged 5.1 million barrels per day last week, down by 167,000 barrels per day from the previous week. 

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