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US Petroleum Institute: Sudden rise of crude oil inventories by 2.4 million barrels last week
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US petroleum and gasoline inventories rose unexpectedly last week, while inventories of distillates fell, US Petroleum Institute data showed.
Crude stocks rose 2.4 million barrels in the week ending May 17 to 480.2 million barrels, compared with analysts' forecasts for a 599,000 bpd drop.
Crude inventories at the delivery center in Cushing, Oklahoma, increased 871,000 barrels, the institute said.
The Institute of Petroleum's data indicated that the rate of consumption of refineries of crude fell 110 thousand barrels per day.
Gasoline inventories rose 350,000 barrels, compared with a Reuters poll of 816,000 barrels.
While data from the Institute showed distillate stocks, including diesel and heating oil, fell by 237,000 barrels, compared to expectations of 48,000 barrels.
US crude imports last week fell by 106,000 bpd to 7.7 million bpd.
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