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EIA’s report reveals bigger-than-expected decline in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 3247 million barrels in the week ended January 8. Economists had forecast a decline of 2.266 million barrels.

At the same time, gasoline stocks rose by 4.395 million barrels, while analysts had expected a build of 2.695 million barrels. Distillate stocks jumped by 4.786 million barrels, while analysts had forecast a gain of 2.671 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.000 million barrels a day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 0.9 million barrels per day from the previous week.

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