US crude oil stocks fell more than expected, but gasoline and distillate inventories rose.

U.S. crude oil inventories fell by 1.4 million barrels in the week ending Dec. 6, more than expected, according to the Energy Information Administration. Despite this drop, crude stocks at the Cushing hub also fell by 1.3 million barrels. In contrast, gasoline and distillate stocks increased by 5.1 million and 3.2 million barrels, respectively. The American Petroleum Institute reported a slight 0.499 million barrel rise, defying forecasts. Oil prices saw minor increases, with WTI at $68.59 and Brent at $72.19 per barrel.

December 11, 2024
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