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US oil stocks rise, but product inventories fall: EIA

Wednesday, August 10, 2016 - 23:25
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US crude stocks rose last week, but stocks of gasoline and distillates fell, the US Energy Information Administration said on Wednesday.

[WASHINGTON] US crude stocks rose last week, but stocks of gasoline and distillates fell, the US Energy Information Administration said on Wednesday.

Crude inventories rose by 1.1 million barrels in the last week, compared with analysts' expectations for an decrease of 1.0 million barrels.

Gasoline stocks fell by 2.8 million barrels, the biggest weekly draw since mid-April, compared with expectations in a Reuters poll for a 1.1 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2 million barrels, versus expectations for an increase of 513,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.163 million barrels, EIA said.

Refinery crude runs fell by 255,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.1 percentage points.

US crude imports fell last week by 334,000 barrels per day.

REUTERS