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US Crude Stocks Dip While Gasoline Supplies Surge: EIA Reports

The US Energy Information Administration has reported a notable shift in oil inventory levels and gasoline stocks for the week ending January 17. Specifically, raw crude stocks witnessed a decline, while gasoline inventories increased during the same period.

According to the EIA’s findings, crude oil inventories decreased by 1 million barrels, bringing the total to 411.7 million barrels, which contrasts with analysts’ expectations outlined in a recent Reuters poll that predicted a drop of 1.6 million barrels.

Furthermore, crude stocks at the Cushing, Oklahoma delivery hub fell by 148,000 barrels, signaling a tightening in market supply.

In light of these developments, crude oil futures have continued to experience downward pressure, as the reported declines were less significant than anticipated.

As of the latest trading session, Brent crude was priced at $78.30 per barrel, reflecting a decrease of $0.70, while West Texas Intermediate crude fell by $0.66 to settle at $74.79 per barrel.

In addition, crude consumption by refining facilities decreased by 1.1 million barrels per day, with refinery operating rates declining by 5.8 percentage points over the week.

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