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US Product Inventories Drop; Gasoline At 7-Month Low

Oil

US oil product inventories dropped in the week ending 21 July, US EIA data shows. Gasoline stocks fell for a sixth-consecutive week, declining by 1.02M bbls w-o-w to 230.20M bbls, the lowest since December 2016. Meanwhile, distillate inventories contracted by 1.85M bbls from the prior week to 149.56M bbls.