Decline in crude inventories in the United States last week

Crude prices fell despite the announcement of a surprise drop in oil reserves in the United States last week. According to the US Department of Energy, domestic crude inventories, excluding strategic reserves, fell by 1 million barrels during the week ended January 28 to 415.1 mb. The consensus was for an increase of 1.8 mb. Gasoline inventories rose by 2.1 million barrels (+2 mb consensus), while distillate product inventories fell by 2.4 million barrels (-1.5 mb consensus).

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