US crude oil inventories stocks fall less than expected

[NEW YORK] US crude oil inventories fell less than expected last week, while product inventories rose modestly, the US Energy Information Administration said on Wednesday.

Crude inventories fell 917,000 barrels in the week ended June 17, compared with expectations for an decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories.

Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell 1.3 million barrels, EIA said.

US crude imports rose last week by 817,000 barrels per day.

Refinery crude runs rose 188,000 bpd as utilization rates gained 1.1 percentage points to 91.3 per cent of total capacity, the EIA data showed.

Gasoline stocks rose 627,000 barrels, compared with analysts' expectations in a Reuters poll for a 326,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose 151,000 barrels, versus expectations for a 257,000-barrel increase.

REUTERS