On Wednesday, January 21st, data released by the American Petroleum Institute (API) showed that US crude oil and gasoline inventories increased last week, while distillate inventories decreased.

API data shows that as of the week ending January 16th, US crude oil inventories increased by 3.04 million barrels, gasoline inventories increased by 6.21 million barrels, and distillate inventories decreased by 33,000 barrels.

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