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US crude inventories hit another record for 5th straight week: EIA
[NEW YORK] US crude stocks rose last week for a fifth straight week reaching a new record high even as gasoline and distillate inventories fell and imports eased, data from the Energy Information Administration showed on Wednesday.
Crude inventories increased by 1.3 million barrels in the week to March 11, a much smaller inflow than the 3.4 million-barrel increase expected by analysts.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 545,000 barrels, hitting a fresh all-time high, EIA said.
Refinery crude runs rose by 85,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.1 percentage point.
Gasoline stocks fell by 747,000 barrels, compared with analysts' expectations in a Reuters poll for a 2.3 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 1.1 million barrels, inline with expectations, the EIA data showed.
US crude imports fell last week by 355,000 barrels per day.