05:43 AM EST, 01/09/2025 (MT Newswires) -- U.S. crude oil inventories fell 1 million barrels to 414.6 million barrels in the week ended Jan. 3, the U.S. Energy Information Administration said in its This Week in Petroleum report released Wednesday.

Crude oil production edged 17,000 barrels per day (b/d) lower to 13.58 million b/d week-over-week, the EIA reported.

Crude oil imports grew by 111,000 b/d to 6.62 million b/d while crude oil exports held relatively steady, only lower by 6,000 b/d from the previous week at 3.89 million b/d, according to the EIA.

Total gasoline stocks jumped 6.3 million barrels to 237.7 million barrels. Distillate stockpiles also increased by 6 million barrels to 128.9 million barrels, the EIA reported.