Data released by the U.S. Energy Information Administration (EIA) show that U.S. crude oil inventories totaled 447 million barrels for the week ending March 4, marking a moderate decline of 1.5 million barrels on the previous week's level.

In detail, inventories of distillate products - including heating oil - rose by 0.9 million barrels, while gasoline stocks fell by 5.7 million barrels, again compared with the previous week, the agency continues.

Finally, the EIA states that refineries operated at 86.8% of their operational capacity during the same week, with average production of 9.9 million barrels/day.

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