Prices inch up on more than expected dip in oil inventories

As per Energy Information Administration, last week, crude oil inventories have fallen by 4.7 million barrels - more than expected, pushing up oil prices. At 332.8 million barrels, US crude oil inventories are above the upper boundary of the average range for this time of year. Light sweet crude for October delivery rose to US$71.34 per barrel. Total motor gasoline inventories increased by 500,000 barrels last week. Distillate fuel inventories increased by 2.2 mln barrels and propane/propylene inventories remained unchanged last week. Total commercial petroleum inventories decreased by 3.2 mln barrels last week.
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