The U.S. Energy Information Administration reported today that U.S. crude oil, gasoline and distillate inventories fell.
rose Oil prices Wednesday after data showed a larger-than-expected drop in Crude stocks US, boosting hopes of strong fuel demand during the summer driving season in the world’s biggest oil consumer.
Brent crude futures rose 41 cents, or 0.48 percent, to $86.65 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 64 cents, or 0.43 percent, to $83.17 a barrel.
Both benchmarks fell at the close on Tuesday as concerns faded that Hurricane Beryl would disrupt production in the Gulf of Mexico.
The US Energy Information Administration said on Wednesday that US crude oil, gasoline and distillate inventories fell in the week ending June 28.
Crude inventories fell by 12.2 million barrels to 448.5 million, compared with analysts’ expectations in a Reuters poll for a decline of about 680,000 barrels, it added.
The administration said crude oil stocks at the Cushing, Oklahoma, delivery hub rose by 345,000 barrels last week.
Refinery crude runs rose by 260,000 barrels per day in the week ending June 28.
Refinery utilization rates rose 1.3 percent.
The EIA said U.S. gasoline stocks fell by 2.2 million barrels in the week to 231.7 million, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel drop.
The EIA data showed that distillate stockpiles, which include diesel and heating oil, fell by 1.5 million barrels to 119.7 million, compared with expectations for a decline of 1.2 million.
