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The Energy Information Administration (EIA) in the latest Weekly Petroleum Status Report said the US commercial crude inventories added 1.2 million barrels in the week ending 1 March 2024 amid stable oil production and higher refining activities.

At 448.5 million barrels, US commercial crude stocks are about 1% below the five-year average.

The report showed the US produced about 13.2 million barrels of crude oil per day during the week, registering a slight drop of 100,000 barrels per day compared to the week before.

On the other hand, utilization rates among refineries in the country gained 3.4 percentage points week-on-week to 84.9%. Industry experts believed that run rates at US refineries are likely to recover further in the coming weeks citing the end of the maintenance season.

Total motor gasoline inventories – an indicator of demand health, decreased by 4.5 million barrels from last week while distillate fuel inventories decreased by 4.1 million barrels.