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Oil Musters First Gain This Week as US Inventories Slip

  • Gasoline inventories at the lowest seasonal level in decade
  • US refiners running at the highest rate since January 2020
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IEA's Birol Says Oil Prices May Rise Further
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Oil edged forward after a US government report showed crude stocks fell, though the slower pace of declines and higher fuelmaking rates restrained upward momentum.

West Texas Intermediate futures gained 56 cents to regain $110 a barrel Wednesday. Crude inventories fell both nationally and at the storage hub in Cushing as exports soared and Gulf Coast refiners pushed runs to their highest level since January 2020. With refineries accelerating output, fuel inventories fell at a slower pace than previous weeks, signaling some relief for tight markets.