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EIA’s report reveals bigger-than-forecast decrease in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 3.522 million barrels in the week ended April 2, following a drop of 0.876 million barrels in the previous week. Economists had forecast a draw of 1.436 million barrels.

At the same time, gasoline stocks surged by 4.044 million barrels, while analysts had expected a decrease of 0.221 million barrels. Distillate stocks rose by 1.452 million barrels, while analysts had forecast an advance of 0.486 million barrels.

Meanwhile, oil production in the U.S. decreased by 200,000 barrels a day to 10.900 million barrels a day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 119,000 barrels per day from the previous week.

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