Crude oil inventories fell 12.5 million barrels in the week ending May 19, to 455.2 million barrels, compared to analysts’ expectations of an 800,000-barrel increase in a poll Reuters.
The administration said oil inventories at the Cushing, Oklahoma, delivery center rose by 1.8 million barrels last week.
He said crude consumption by U.S. refineries rose 79,000 barrels per day last week and refinery operating rates fell 0.3 percentage points per week.
Separately, management said gasoline inventories fell 2.1 million barrels to 216.3 million barrels, compared to analysts’ expectations in a Reuters poll for a drop of 1.1 million. of barrels.
Data from the Energy Information Administration showed that inventories of distillates, which include diesel and fuel 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 U.S. crude oil imports fell 1.25 million barrels a day last week.
price movements
After the data was released, the pace of price increases accelerated during the session, with Brent futures rising $1.24, or 1.65%, to hit $78.12. a barrel at 1530 GMT, while Nymex crude rose $1.31, or 1.80%, to $74.22. a barrel.
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