The US Petroleum Institute said crude oil inventories in US fell unexpectedly last week, while gasoline stocks increased and distillate stocks shrank.
Crude stocks fell by 1.5 million barrels in the week ending Nov. 16 to 439.2 million barrels, compared with analysts' forecasts of an increase of 2.9 million barrels.
The Institute's data showed that the refinery consumption rate increased by 398 thousand barrels per day. Gasoline inventories rose 706,000 barrels, compared to analysts' forecasts in a Reuter’s poll of 198,000 barrels.
Distillate stocks, including diesel and heating oil, fell by 1.8 million barrels, compared to a forecast of 2.7 million barrels. US crude imports last week fell 1 million bpd to 7.3 million bpd.
