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EIA: US crude inventories down 1.7 million bbl

US crude oil inventories for the week ended Jan. 4, excluding the Strategic Petroleum Reserve, decreased by 1.7 million bbl from the previous week, data from the US Energy Information Administration showed. At 439.7 million bbl, US crude oil inventories are about 8% above the 5-year average for this time of year, the report indicated.

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