The Department of Energy weekly report indicated that crude oil inventories fell 4.7 million barrels. Inventories of gasoline fell 1.1 million barrels and distillates dropped 700,000 barrels. Analysts had expected an increase of 700,000 barrels for crude and 1 million barrels for gasoline. The drop in crude imports played a role in the lower inventory figures. Crude rose in late morning trading after the report.
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James Sutliff