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7/10, 4:36 PM (Source: TeleTrader)
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EIA: US oil inventories down by 9.5M barrels

Crude oil inventories in the United States plunged by 9.5 million barrels in the week ending July 5 to 459 million barrels, the US Energy Information Administration (EIA) reported on Wednesday. The figure far exceeded the roughly 3 million that had previously been estimated.

Crude oil refinery inputs were at an average of 17.4 million barrels per day, increasing by 148,000 barrels per day from the previous week. Refineries' operable capacity was at 94.7% and gasoline production rose from the week before, averaging 10.4 million barrels per day.

Imports of crude oil in the US averaged 7.3 million barrels per day, down by about 284,000 barrels per day from the previous week. Total commercial petroleum inventories were 3.8 million barrels lower compared to the previous week.

International benchmark Brent for deliveries in September rose 1.98% to sell for $65.82 per barrel at 10:35 am ET and West Texas Intermediate (WTI) climbed 1.76% to go for $59.47 at the same time following the news to build on earlier gains.

Breaking the News / DZ