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US Energy Dept reports oil drop and fuel rise
U.S. Energy Information Administration data showed that crude oil inventories decreased by 7.2 million barrels to reach 404.5 million barrels, versus analysts' expectations of a 1.3 million barrel decline. Meanwhile, gasoline and distillate inventories rose slightly over the past week. Crude oil stocks at the Cushing, Oklahoma storage hub also fell by 771,000 barrels. Refinery crude oil throughput increased by 271,000 barrels per day, with the utilization rate rising to 97.2%. Overall, the data indicate a continued decline in oil inventories amid rising crude consumption and higher refinery operating rates.
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