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US oil inventories rise 4.8 million barrels
The US Petroleum Institute said crude oil inventories in the United States recorded an unexpected increase last week, while gasoline stocks rose and distillate stocks fell.
Crude oil inventories rose by 4.8 million barrels in the week ending Jan. 19 to 416.2 million barrels after a nine-week drop, while analysts had forecast a 1.6 million-barrel drop, data from the Petroleum Institute showed.
Crude stocks at the delivery center in Cushing, Oklahoma, fell 3.6 million barrels.
Gasoline inventories rose 4.1 million barrels, while analysts polled by Reuters had forecast a 2.4 million barrel rise.
Data from the Petroleum Institute showed distillate stocks, including diesel and heating oil, fell 1.3 million barrels, while 1.5 million barrels were expected to fall.
US crude oil imports last week rose 1 million barrels per day to 8.3 million bpd.
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