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US crude inventories rise sharply, API reports

Data from the American Petroleum Institute show that US crude stockpiles gained 6.2 million barrels in the week ended Friday, while gasoline and distillate supplies fell by 7.9 million and 1.8 million barrels, respectively. Analysts expect the Energy Information Administration to report a 10.1-million-barrel inventory build today, while gasoline and distillate stocks are seen dropping by 4 million barrels and 300,000 barrels, respectively.

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