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Update: Weekly US Crude Inventories Drop by 4.5 Million Barrels, EIA Says

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(Updates to include additional details.)

US commercial crude oil inventories decreased by 4.5 million barrels to 424.5 mmbbls in the week ended Aug. 28, the Energy Information Administration said in its weekly report released Wednesday.

Crude inventories were about 1% above the five-year average for this time of year, the EIA said.

The draw is significantly above Investing.com's estimate of 400,000 barrels for the week ended Aug 28.

US Strategic Petroleum Reserve inventories dropped to 286.6 mmbbls in the week ended Aug. 28, down from 289.7 mmbbls a week earlier, marking a weekly decline of 3.1 mmbbls, EIA data showed.

Crude oil input to refineries increased by 102,000 barrels per day from the previous week to average about 17.5 million b/d in the week ended Aug. 28. Crude oil production rose by 19,000 b/d to 13.9 mmb/d.

Commercial crude imports increased by 612,000 b/d to average about 6.8 mmb/d.

Total motor gasoline stockpiles dropped by 1.2 mmbbls from the previous week to 205.7 mmbbls, while distillate stocks rose by 800,000 bbls to 104.2 mmbbls.

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