According to the Energy Information Administration, inventories of crude oil fell 11. 1 million barrels. The decline was partly due to year end tax concerns in the refining industry. However, crude oil inventories rose significantly in Cushing Oklahoma which is major storage and trading hub. The rise in inventory levels at Cushing kept downward pressure on trading prices. Also, gasoline inventories rose 2.6 million barrels which was slightly higher than the 2.3 million increase that analysts had expected. In addition, distillate supplies also increased and rose by 4.6 million barrels.
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