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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.
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