Breaking: US oil inventories decline less than expected.

Data released by the U.S. Energy Information Administration on Friday showed negative results for American oil inventories for the week ending December 27, as the figures came in lower than market expectations.

Oil inventories fell by 1.2 million barrels during the past week, which was less than the expectations that indicated a decline of about 2.75 million barrels. This drop in U.S. oil inventories follows a previous decrease of approximately 4.2 million barrels in crude oil inventories in the week prior.

During today's trading, following the release of the data, the prices of West Texas Intermediate crude oil futures reduced their gains to an increase of 2.0%, reaching $73.24 per barrel, while Brent crude was trading up about 1.72% at $76.11 per barrel.

Markets pay significant attention to U.S. oil inventory data due to its direct impact on crude oil prices. Additionally, fluctuations in petroleum product prices have noticeable effects on inflation rates, as well as impacts on industries that heavily rely on crude oil.