US Crude Oil Inventories Decline by 0.1% Amid Rising Production

US crude oil inventories declined by 0.1% in the week ending September 4, according to data released by the Energy Information Administration (EIA) on Thursday.

The total inventory fell by approximately 400,000 barrels to 424.1 million barrels, which is lower than the market's forecast of a decrease of around 1.4 million barrels.

Strategic petroleum reserves, excluded from commercial crude stocks, also dropped by about 1.2 million barrels to 285.4 million barrels during the same period.

In other developments, US gasoline inventories increased by approximately 1.3 million barrels to 206.9 million barrels over the week.