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American oil inventories rise by 3 million barrels, defying expectations
The U.S. Energy Information Administration reported that commercial crude oil inventories in the United States increased by 3 million barrels during the week ending July 3rd, reaching 411.4 million barrels. This was contrary to analysts' expectations, which had anticipated a decrease of 2.4 million barrels. Additionally, gasoline and petroleum product stocks declined by 1.9 million barrels and 5 million barrels, respectively, amid reduced refinery activity and a decrease in the volume of oil directed towards refining.
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