U.S. Crude Inventories Rise Unexpectedly as Imports Jump - EIA
U.S. crude stocks rose last week as imports jumped, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.
Crude inventories rose by 3.8 million barrels in the week to July 27, compared with analysts' expectations for a decrease of 2.8 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, EIA said.
Refinery crude runs rose by 195,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.3 percentage points.
Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, rose by 3 million barrels, versus expectations for a 264,000-barrel increase, the EIA data showed.
Net U.S. crude imports rose last week by 1.4 million barrels per day.
Reporting by Devika Krishna Kumar in New York