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U.S. oil stocks drop sharply – EIA

U.S. crude stocks fell last week while gasoline and distillate inventories rose more than expected, the Energy Information Administration said on Thursday.

Crude inventories fell by 7.3 million barrels in the week to Nov. 30, compared with analysts’ expectations for a decrease of 942,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels, EIA said.

Refinery crude runs fell by 66,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.1 percentage points.

Gasoline stocks rose by 1.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel gain.

Distillate stockpiles, which include diesel and heating oil, rose by 3.8 million barrels, versus expectations for a 1.2 million-barrel increase, the EIA data showed.

Net U.S. crude imports fell last week by 1.7 million barrels per day.
Source: Reuters (Reporting By David Gaffen)

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