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7/31/2019, 4:34 PM (Source: TeleTrader)
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US oil inventories fall by 8.5 million barrels

While refinery inputs were little changed in the week through July 26, capacity utilization at refineries weakened by just 0.1 percentage points to 93% and distillate production was largely flat, gasoline output advanced to 10.4 million barrels per day from 10.1 million, the United States Department of Energy said. Commercial inventories of oil plunged by 8.5 million barrels from the previous update to 436.5 million, getting to a five-year average and indicating a jump in consumption and economic activity. In the previous week they were reduced by 10.8 million barrels.

Gasoline in stock fell by 1.8 million barrels and distillates decreased by 0.9 million. Oil at the futures hub in Cushing, Oklahoma, dropped by 1.5 million barrels. Imports of crude were reduced by 365,000 barrels per day to 6.7 million barrels.

The American Petroleum Institute earlier came out with an estimate that oil inventories dropped by 2.5 million barrels less and that the volume of gasoline fell by 1.3 million barrels more than in today's official report, issued by the Energy Information Administration.

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