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The Energy Information Agency (EIA) in its latest report showed a reduction of 3.4 million barrels in the US commercial crude inventories in the week ending 25 March 2022, to 410 million barrels. 

Refineries continue to ramp up operating rates, processing 35,000 barrels per day more than last week, lifting the utilization rates to 92.1%. 

However, the gasoline stocks rose 785,000 barrels to 238.8 million barrels, implying the weaker demand as fuel prices surge.