According to the Energy Information Administration, crude oil inventories fell almost 7.7 million barrels from the previous week. The decline drove crude inventories down to slightly more than 350 million barrels. Traders responded to the news and prices for February crude rose over $1 and settled at $94.17.
The Energy Information Administration also indicated that gasoline inventories increased by over 6 million barrels. In addition, distillate fuel inventories fell by slightly more than 1 million barrels.
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