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U.S. crude inventories dropped more than expected in week: EIA

U.S. crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday.

Crude inventories fell by 4.8 million barrels in the week ended Aug. 30, compared with analysts’ expectations for an decrease of 2.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 230,000 barrels, EIA said.

Refinery crude runs fell by 27,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.4 percentage points.

Gasoline stocks fell by 2.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2.5 million barrels, versus expectations for a 484,000-barrel increase, the EIA data showed.

Net U.S. crude imports rose last week by 934,000 barrels per day.
Source: Reuters

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