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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.