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Update: Weekly US Crude Inventories Drop by 1.7 Million Barrels, EIA Says

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(Updates with additional details.)

US commercial crude oil inventories decreased by 1.7 million barrels to 409.7 mmbbls in the week ended July 10, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.

The drop is below Investing.com's estimate of a 1.8-mmbbl draw for the week ending July 10.

US Strategic Petroleum Reserve inventories dropped to 316.5 mmbbls for the week ended July 10, down from 319.5 mmbbls a week ago, marking a weekly decline of 3 mmbbls, EIA data showed.

Crude oil input to refineries increased by 99,000 barrels per day from the previous week to average about 17.1 million b/d in the week ending July 10. Crude oil production rose by 1,000 b/d to 13.9 mmb/d.

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