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Update: Weekly US Crude Inventories Rise by 3 Million Barrels, EIA Says

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(Updates with additional details.)

US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, 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 increase exceeds Investing.com's estimate of a 1.90-mmbbl draw for the week ending July 3.

US Strategic Petroleum Reserve inventories dropped to 319.5 mmbbls for the week ended July 3, down from 325.7 mmbbls a week ago, marking a weekly decline of 6.2 mmbbls, EIA data showed.

Crude oil input to refineries decreased by 173,000 barrels per day from the previous week to average about 17 million b/d in the week ending July 3. Crude oil production rose by 50,000 b/d to 13.9 mmb/d.

Commercial crude imports decreased by 351,000 b/d to average about 5.6 mmb/d. Total motor gasoline stockpiles decreased by 1.9 mmb/d from last week to 212.1 mmbbls, and distillate stocks decreased by 5 mmb/d to 103.6 mmbbls, the agency said.

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