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U.S. crude inventories rise by 2.4 million barrels

Data released by the U.S. Department of Energy on April 6 showed that in the week ended April 1, U.S. commercial crude oil inventories increased by 2.4 million barrels to 412.4 million barrels from the previous week, gasoline inventories decreased by 2 million barrels to 236.8 million barrels, and distillate oil inventories increased. 800,000 barrels to 114.3 million barrels. Analysts on average expected U.S. crude inventories to fall by 1.85 million barrels last week, gasoline inventories fell by 350,000 barrels and distillate inventories fell by 700,000 barrels, according to a survey by S&P Global Commodities Watch. U.S. crude oil, gasoline and distillate inventories fell by 14%, 15%, and 21%, respectively, last week from their five-year averages. Crude inventories at Cushing, the delivery point for crude futures in New York and North America's largest crude transshipment hub, rose by 1.654 million barrels last week to 25.887 million barrels, a two-month high. Crude oil inventories at Cushing accounted for 14% of U.S. commercial inventories at 76.6 million barrels.
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