US Energy Agency Reports Oil and Gasoline Inventory Drop

The US Energy Information Administration announced that crude oil inventories decreased by 3.2 million barrels for the week ending October 2nd, reaching 424.1 million barrels, despite expectations of a decline of 1.7 million barrels. Gasoline inventories also increased by 0.4 million barrels to 204.7 million barrels, while distillate inventories remained unchanged at 105.1 million barrels. As a result of this decrease in inventories, oil prices edged up slightly, with Brent crude rising to $101.49 and US gasoline to $89.57 per barrel. Additionally, refinery utilization rates increased by 0.2 percentage points to 92.7%.

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