WASHINGTON (Dow Jones) — U.S. crude oil inventories decreased in the week ended July 14th. They fell 0.708 million barrels from the previous week, according to the state’s Energy Information Administration (EIA). Analysts polled by Dow Jones Newswires had expected a drop of 1.8 million barrels. Inventories rose 5.946 million barrels last week. A decrease of 0.8 million barrels was registered in the data published the day before by the private American Petroleum Institute (API).
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Gasoline inventories decreased by 1.066 million barrels, according to the EIA. Analysts had expected a drop of 1.1 million barrels after inventories fell 0.004 million barrels the previous week. API data had shown a drop of 2.8 million barrels.
US oil production for the week was 12.3 million barrels per day, flat with the previous week. Compared to the same period last year, there was an increase of 0.4 million barrels.