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6/22, 10:36 PM (Source: TeleTrader)
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Report: US oil inventories rise by 5.6M barrels

Crude oil inventories in the United States increased by 5.6 million barrels in the week ending June 17, private data from the American Petroleum Institute (API) reportedly showed on Wednesday.

Reserves in Cushing, Oklahoma, allegedly slipped by 390,000 barrels. Gasoline stockpiles expanded by 1.2 million barrels, while on the other hand, distillate inventories were down by 1.7 million barrels, according to the reported data.

In response to soaring oil prices, President Joe Biden urged Congress earlier today to suspend the federal gasoline tax during the next three months.

Baha Breaking News (BBN) / ND