Oil prices jumped over one percent in American trade as the
dollar index edged down to near the lowest since June 23, 2016, following
earlier data from the US, and ahead of Federal Reserve Bank of Minneapolis
President Neel Kashkari's speech in Minnesota. On Wednesday, the Energy
Information Administration released its report on US crude stocks, showing a
deficit of 7.2 million barrels in the week ending July 21, adding to the 4.7M
drop in the previous week, while analysts expected only a 3.3M drawdown, with
total stocks now reaching 483.4 million barrels, remaining within the uppermost
range on average in this time of year. Otherwise, gasoline stocks fell one
million barrels, while distillate inventories declined 1.9 million barrels,
both remaining within the uppermost range on average in this time of year
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