The API reported a decrease in U.S. crude oil inventories by 3.4 million barrels, exceeding expectations and suggestive of increased demand or production cuts, which tends to bolster prices.
As gasoline reserves fell by 1.9 million barrels and distillate inventories dropped by 1.4 million barrels, this indicates sustained demand in the domestic fuel market, potentially increasing upward pressure on crude oil prices.
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