The US Energy Information Administration (EIA) data showed that US crude oil inventories fell by 405000 barrels for the week ended January 17th. Crude stocks at the Cushing, Oklahoma, delivery hub for the benchmark US crude futures, dropped 961,000 barrels to 34.9 million barrels, their lowest since November 2018. The EIA data also showed a supply climb of 1.7 million barrels for gasoline while distillate stocks declined by 1.2 million barrels. The gasoline stockpiles grew for an 11th consecutive week to an all-time high. Net US crude imports slipped last week by 53,000 barrels per day, while refinery crude runs fell by 116,000 bpd.
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