A larger-than-expected drop in US oil stocks

The US Energy Information Administration said, on Wednesday, that commercial oil stocks in the United States fell last week, while stocks of gasoline and distillates rose.

The government agency added that crude stocks fell 4.7 million barrels in the week ending December 17 to 423.6 million barrels, compared to expectations of analysts polled by Reuters, which indicated a decrease of 2.7 million barrels.

Crude stocks at the delivery hub in Cushing, Oklahoma, rose by 1.5 million barrels last week.

Gasoline stocks rose by 5.5 million barrels over the past week, to 224.1 million barrels, while it was expected to rise by 467,000 barrels.

And distillate stocks, which include diesel and heating oil, increased by 396 thousand barrels to 124.15 million barrels, compared to expectations for an increase of 33 thousand barrels.

The Energy Information Administration said that US net imports of crude oil last week rose by 489,000 barrels to 3.32 million barrels per day.


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