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Update: Weekly US Crude Inventories Drop by 3.8 Million Barrels, EIA Says

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(Updates with additional details.)

US commercial crude oil inventories decreased by 3.8 million barrels to 408.4 mmbbls in the week ended June 26, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 7% below the five-year average for this time of year, the EIA said.

The decline is less than Macquarie's forecast of a 5.5-mmbbl draw for the week ending June 26.

US Strategic Petroleum Reserve inventories dropped to 325.7 mmbbls for the week ended June 26, down from 331.2 mmbbls a week ago, marking a weekly decline of 5.5 mmbbls, EIA data showed.

Crude oil input to refineries increased by 85,000 barrels per day from the previous week to average about 17.2 mmb/d in the week ending June 26. Crude oil production dropped by 9,000 b/d to 13.8 mmb/d.

Commercial crude imports decreased by 291,000 b/d to average about 5.3 mmb/d. Total motor gasoline stockpiles decreased by 2.3 mmb/d from last week to 214 mmbbls, and distillate stocks increased by 2.5 mmb/d to 108.6 mmbbls, the agency said.

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