U.S. Oil Inventories Increase by 3 Million

U.S. commercial crude oil inventories increased by 3 million barrels during the week ending September 18, reaching 426.4 million barrels, which is 2% higher than the five-year average. Conversely, gasoline stocks declined by 1.7 million barrels, down less than 6% from the average, and distillate inventories decreased by 400,000 barrels. Oil imports also fell to 5.9 million barrels per day, despite the average imports over the past four weeks rising by 5.3% compared to last year. Iraqi oil imports dropped to zero after sharp fluctuations in recent weeks.

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