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US Petroleum Institute: Crude stocks fell 7.5 million barrels last week exceeded expectations
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The US Petroleum Institute data showed that US crude oil stocks fell last week, while gasoline stocks fell and distillate stocks rose.
Crude stocks fell 7.5 million barrels in the week ending June 21 to 474.5 million barrels, while analysts expected a 2.5 million barrel drop.
The Petroleum Institute said crude stocks at the delivery point in Kashing, Oklahoma fell 1.3 million barrels.
Gasoline inventories fell 3.2 million barrels, compared to analysts' forecasts in a Reuters poll of 288,000 barrels.
According to the Petroleum Institute, distillate stocks, including diesel and heating oil, rose by 155,000 barrels, compared to expectations of 522,000 barrels.
US crude imports last week fell 740,000 bpd to 6.9 million bpd.
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