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US crude inventories post larger-than-expected decline

US crude stockpiles fell by 5.5 million barrels last week, surpassing expectations for a 4.1-million-barrel drop, according to the American Petroleum Institute. However, the decrease was offset by a sharp rise in gasoline and distillate inventories, which gained 9.2 million barrels and about 4.3 million barrels, respectively.

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