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U.S. oil inventories jump but product stockpiles drop

Staff Writer |
U.S. oil inventories rocketed last week, but gains were offset by sharp falls in product stockpiles.

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Commercial crude oil stockpiles increased by 8.2m barrels a day during the week ending on March 3 to reach 528.4m, according to the Energy Information Administration (EIA), the U.S. Department of Energy's statistical arm.

However, those of motor gasoline plummeted by 6.6m barrels, together with a 2.7m barrel fall in those of distillates.

In parallel, imports ran at an average pace of 8.2m barrels a day last week, which was 561,000 barrels more than during the previous week.

Meanwhile, refineries operated at 85.9% of their operating capacity.

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