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U.S. crude oil stockpiles fell unexpectedly last week on higher export and refinery demand, while gasoline drew down for a ninth straight week, the Energy Information Administration said on Wednesday.
Crude inventories fell by 2.7 million barrels to 440.4 million barrels in the week ended April 25, the EIA said, compared with analysts’ expectations in a Reuters poll for a 429,000-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub for futures rose by 682,000 barrels in the week, the EIA said.
Gasoline stocks fell by 4 million barrels in the week to 225.5 million barrels, the EIA said, compared with forecasts for a 1 million-barrel draw.
The gasoline draw was the ninth consecutive weekly fall, the longest declining streak in the world’s top fuel-consuming nation since an 11-week slump that ended in June 2022, data showed.
Distillate stockpiles, which include diesel and heating oil, rose by 900,000 barrels in the week to 107.8 million barrels, versus expectations for a 1.6 million-barrel drop, data showed.
U.S. stocks closed mostly higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 securing a seventh straight session of gains, despite data that showed a sharp slowdown in first-quarter economic growth.
The Dow had its largest seven-day percentage gain since the period that ended on Oct. 31, 2022. Meanwhile, the S&P 500 had its biggest seven-day percentage gain since the period that ended on Nov. 10, 2020.
The Dow Jones rose 141.74 points, or 0.4%, to finish at 40,669.36, based on preliminary data. It had fallen earlier in the day by as much as 781.99 points to a session low of 39,745.63. The Dow has risen by a total of almost 7% over the last seven trading days.
The S&P 500 rose 8.23 points, or almost 0.2%, to close at 5,569.06. It has risen by almost 8% over the last seven trading days.
The Nasdaq Composite declined 14.98 points, or almost 0.1%, to end at 17,446.34.
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