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US crude stocks rise unexpectedly; gasoline inventories drop: EIA
[NEW YORK] US crude stocks rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 1.3 million barrels in the week to May 13, compared with analysts' expectations for an decrease of 2.8 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 461,000 barrels, hitting a fresh record high, the data showed.
Refinery crude runs rose by 192,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.4 percentage points.
Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in a Reuters poll for a 150,000-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 642,000-barrel drop, the EIA data showed.
US crude imports rose last week by 22,000 barrels per day.