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US Crude Oil Inventories Rise for Week Ending Jan. 3

The U.S.' crude oil inventories and gasoline stocks increased last week, according to data released by the Energy Information Administration (EIA) on Wednesday.

Commercial crude oil inventories increased by 1.2 million barrels, or 0.3%, to 431.1 million barrels for the week ending Jan. 3, the EIA data showed. The market expectation was a decline of 3.6 million barrels. Inventories fell by 11.5 million barrels during the previous week. Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 635 million barrels last week, the data revealed.

Gasoline inventories showed an increase of 9.1 million barrels, or 3.8%, to 251.6 million barrels during that period. The market expectation was an increase of 2.6 million barrels. Inventories rose by 3.2 million barrels during the previous week.

- Crude production unchanged

The U.S.' crude oil imports rose by 379,000 barrels per day (bpd) to reach 6.73 million bpd for the week ending Jan.3 , but crude oil exports saw a decline of 1.4 million bpd to 3 million bpd, according to the EIA data. Crude oil production in the U.S. remained unchanged at 12.9 million bpd for the week ending Jan.3 , the EIA data showed. The U.S.' crude oil production is expected to average 13.2 million bpd in 2020, according to the EIA's Short-Term Energy Outlook report for December.

(Anadolu Agency)

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