In a significant crude oil stockpiles decline in the United States fell by 12.2 million barrels to reach 448.5 million barrels for the week ending June 28, according to the latest report from the US Energy Information Administration released on Wednesday. This decline marks a substantial reduction in inventory levels, reflecting robust demand or reduced production.
The report also highlighted an increase in crude oil refinery inputs, which averaged 16.8 million barrels per day, up by 260,000 barrels per day compared to the previous week.
Refineries operated at 93.5% of their total capacity during this period. Additionally, gasoline production saw a rise to an average of 10.1 million barrels per day, indicating continued activity in the refining sector.
Market analysts will closely monitor these developments for their potential impact on crude oil prices and broader energy markets in the coming days.
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