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U.S. API crude oil inventories fell by 3.48 million barrels, a larger-than-expected decline

The American Petroleum Institute (API) announced that crude oil inventories fell by 3.48 million barrels last week, which was higher than market expectations of 1.17 million barrels, while gasoline inventories fell by 4.5 million barrels, while distillate inventories fell by 4.46 million barrels. Although the decline in U.S. crude oil inventories was larger than expected, it did not bring much support to oil prices. The market is looking at the effect of the US releasing one million barrels a day of strategic crude oil reserves for half a year since May. And before the European Union is about to announce the details of a new round of import bans on Russian crude oil, international oil prices are temporarily hovering around the $100 level.
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