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U.S. Crude Oil Stocks Drop 7.9 Million Barrels in Week Ended May 15, EIA Reports

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U.S. crude oil inventories dropped 7.9 million barrels to 445.0 million barrels in the week ended May 15, the U.S. Energy Information Administration said in its Weekly Petroleum Status report released Wednesday.

Motor gasoline inventories also declined 1.5 million barrels to 214.2 million barrels. Meanwhile, distillate fuel stocks edged higher by 0.4 million barrels, the EIA reported.

U.S. crude oil imports rose 116,000 barrels per day to 6.0 million barrels per day, according to the agency.

U.S. crude oil refinery inputs decreased 80,000 barrels per day to 16.3 million barrels per day. Refineries operated at 91.6% of their operable capacity during the report week, the EIA reported.

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