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US crude inventories fall as oil prices climb

US crude inventories fall as oil prices climb

Mubasher: US crude oil inventories declined by 1.2 million barrels to 442 million barrels in the week ended 7 December, official data by the Energy Information Administration (EIA) showed.

Total motor gasoline stockpiles rose by 2.1 million barrels, while distillate fuel inventories by fell 1.5 million barrels.

US crude refinery runs averaged 17.4 million barrels per day (bpd) during the week, 51,000 bpd less than the prior week’s average, as refineries operated at 95.1% of their operating capacity last week.

US crude imports rose 174,000 to an average of 7.4 million bpd for the same week, compared to the previous week, the EIA said.     

Following the release of the EIA report, US Nymex crude futures rose 0.77% to $52.05 per barrel (pb), while global benchmark Brent futures climbed 1.06% to $60.84 pb.