Crude oil inventories increased by 3.4 million barrels to 422.4 million barrels last week as imports rose, said the U.S. Energy Information Administration. ...

Core Insights - U.S. crude oil inventories decreased by 961,000 barrels last week, indicating a tightening supply in the market [1] - The reduction in inventories is attributed to refineries increasing their capacity utilization, which suggests a rise in demand for crude oil [1] Industry Summary - The decline in crude oil inventories reflects a potential shift in market dynamics, with refineries operating at higher capacity [1] - Increased refinery activity may lead to higher crude oil prices if the trend continues, impacting overall market conditions [1]