Breaking: U.S. oil stocks decline more than expected!

Data released by the U.S. Energy Information Administration today, Wednesday, showed positive results for U.S. crude oil inventories for the week ending January 4, as the figures came in higher than market expectations for the second consecutive week!

Crude oil inventories fell by 1.0 million barrels during the past week, which was greater than the expectations that indicated a decrease of about 0.2 million barrels. This decrease in U.S. crude oil inventories follows a decline of about 1.2 million barrels in crude oil inventories during the previous week.

During trading today, following the release of the data, the prices of U.S. West Texas Intermediate crude futures cut their gains to a decline of 0.36%, recording $74.11 per barrel, and this data is expected to have a significant impact on future oil trading.

Markets pay great attention to U.S. crude oil inventory data due to its direct impact on crude oil prices. Additionally, changes in petroleum product prices have notable effects on inflation rates, as well as on industries that heavily depend on crude oil.

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