US crude oil inventories fall by 1.7 million barrels in a week

It noted that crude oil inventories fell by 1.7 million barrels to 409.7 million in the week ended July 10, compared with analysts’ expectations in a Reuters survey for a decline of 2.6 million.

It added that crude oil inventories at the Cushing, Oklahoma delivery hub rose by 430,000 barrels during the same week.

The agency pointed out that crude oil consumption at refineries increased by 99,000 barrels per day, and refinery utilization rates rose by 0.4 percentage points during that week to 96.2 percent. The U.S. Energy Information Administration said U.S. gasoline inventories fell by 1.5 million barrels last week to 210.5 million, compared with analysts’ expectations in a Reuters survey for a decline of 760,000 barrels.

The data showed that distillate product inventories, which include diesel and heating oil, rose by 4.6 million barrels during that week to 108.2 million barrels, against expectations for an increase of 84,000 barrels.

The U.S. Department of Energy’s administration said U.S. net crude oil imports fell by 399,000 barrels per day last week.