Data released by the U.S. Energy Information Administration (EIA) showed that U.S. crude oil inventories totaled 432.4 million barrels in the week to January 1, reporting a modest increase of 1.3 million barrels on the previous week.

Inventories of distillates - including heating oil - rose by 6.5 million barrels, while gasoline stocks were up by 8 million barrels, again compared with the previous week, the agency continues.

Finally, the EIA states that refineries operated at 92.9% of their operational capacity during the same week, with average production of 9.7 million barrels/day.

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