U.S. crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended Aug. 4, the Energy Information Administration reported Wednesday. Data from the American Petroleum Institute late Tuesday also showed that crude inventories fell 7.8 million barrels, while gasoline inventories increased 1.5 million barrels during the week. The data are having a muted impact on the market as the sharp drop in crude inventory is being canceled out by the gain in gasoline supply. West Texas Intermediate futures were mostly flat at $49.17 a barrel.
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