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In the latest developments in the oil market, crude oil imports have seen a decline of 389,000 barrels per day, averaging at 6.2 million barrels per day. The Strategic Petroleum Reserve has also increased slightly to 382.9 million barrels as the U.S. continues to secure oil for reserves.
Domestic oil production has seen an increase from 13.3 million barrels per day to 13.4 million barrels per day, which has had a bearish impact on the market. However, WTI oil has shown resilience, moving away from session lows and aiming to settle back above the $72.50 level. The significant decline in gasoline inventories has provided some support to the market.
Brent oil has also gained ground, moving towards the $76.00 level after the release of the report. The focus remains on the developments in the Middle East, which will continue to be the key driver for oil prices in the upcoming trading sessions.
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