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The weekly report published by the US  Energy Information Administration (EIA) revealed that commercial crude  oil  inventories in the US decreased by 4.8  million barrels in the week ending August 30 compared to analysts estimate for a draw of 2.5 million barrels.

With the initial reaction, the barrel of West Texas Intermediate rose to its highest level since August 1 at $57.72 and was last seen trading at $57.50, adding 2.75% on a daily basis.

Key takeaways from the press release

“Crude oil refinery inputs averaged 17.4 million barrels per day during the week ending August 30.”

“Crude oil imports averaged 6.9 million barrels per day last week, up by 976,000 barrels per day from the previous week.”

“Gasoline production decreased last week, averaging 10.3 million barrels per day.”

“Total products supplied over the last four-week period averaged 21.7 million barrels per day.”