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US crude stocks decline restarts as refinery inputs hit record high

Oil

US crude oil inventories fell 4.3M bbls w-o-w (following two weeks of gains) to total 461.4M bbls in the week ending 10 July, according to the US Energy Information Administration. The renewed decline began as US crude runs rose by 229K b/d w-o-w to a record 16.8M b/d. US crude imports edged upwards by 38K b/d from the prior week to average 7.4M b/d.