American oil inventories are better than expected for the first time in 3 weeks!

Data released by the U.S. Energy Information Administration on Wednesday showed positive results for U.S. oil inventories for the week ending November 22, with figures coming in better than market expectations for the first time in three weeks.

Oil inventories fell by 1.8 million barrels in the past week, outperforming expectations which had anticipated a decrease of only about 1.3 million barrels. This drop in U.S. oil inventories follows an increase of approximately 0.5 million barrels in crude oil inventories the previous week.

In trading on Wednesday, spot prices for West Texas Intermediate crude fell by 0.13% to record $68.84 per barrel, and this data is expected to impact crude trading for the remainder of the session.

Markets are paying close attention to U.S. 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 consequences for industries that heavily rely on crude oil.

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