The US Energy Administration said today that US crude oil inventories fell last week to their lowest level in three years.
And according to US Energy Information Administration data reported by Reuters, "Crude stocks in the United States fell 3.5 million barrels during the week ending on the 17th of this month to 414 million barrels, compared to expectations for a decrease of 2.4 million barrels."
Crude stocks fell at the delivery center in Cushing, Oklahoma, by 1.5 million barrels, and refinery consumption rose by 960,000 barrels per day, and refinery operating rates increased 5.4 percentage points to 87.5 percent.
Gasoline stocks increased by 3.5 million barrels to 221.6 million barrels, compared to expectations for a decrease of 1.1 million barrels.
And distillate stocks, which include diesel and heating oil, fell 2.6 million barrels, against expectations for a decline of 1.2 million barrels.
Net US crude imports rose by 519,000 barrels per day.