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According to the latest data from the Energy Information Administration, US commercial crude inventories rose 9.9 million barrels in the week ending 7 October 2022 to 439.1 million barrels as the government continues to inject more barrels from the Strategic Reserve while refineries in the country cut back on operating rates.

Data showed that the Strategic Petroleum Reserve dropped 7.7 million barrels from the week before, while refineries operated at 89.9% of their operable capacity, down 1.4% week-on-week.

Total motor gasoline inventories increased by 2 million barrels during the week. The EIA said the four-week average motor gasoline supply in the US stood at 8.7 million barrels per day, down 5.5% from the same period last year.