Crude oil inventories fell by 12.5 million barrels in the week ending May 19, to 455.2 million barrels, compared to analysts’ expectations for an increase of 800,000 barrels in a Reuters poll.
The administration said that oil inventories at the delivery center in Cushing, Oklahoma, rose by 1.8 million barrels last week.
It stated that the consumption of crude by US refineries rose by 79,000 barrels per day last week, and refinery operating rates decreased by 0.3 percentage points per week.
On the other hand, the management said that gasoline stocks fell by 2.1 million barrels to 216.3 million barrels, compared to analysts’ expectations in a Reuters poll for a decline of 1.1 million barrels.
Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, fell by 600,000 barrels last week to 105.7 million barrels, compared to expectations for an increase of 400,000 barrels.
The administration said net US imports of crude oil fell last week by 1.25 million barrels per day.
price movements
After the issuance of this data, the pace of price increases increased during the session, as Brent crude futures rose $1.24, or 1.65 percent, to $78.12 a barrel by 15:30 GMT, while Nymex crude rose $1.31, or 1.80 percent, to $74.22 a barrel.
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