US crude oil inventories drop 3.06 million barrels

Investing.com -- US crude oil inventories decreased by 3.06 million barrels to 412.5 million barrels during the week ended October 16, the US Energy Information Administration reported Wednesday.

The decline exceeded market expectations. Analysts surveyed had projected a draw of 820,000 barrels.

Gasoline inventories fell by 2.95 million barrels to 205.3 million barrels. This drop was larger than the anticipated decrease of 443,000 barrels.

Distillate stockpiles, which include diesel and heating oil, increased by 1.68 million barrels to 104.3 million barrels. Analysts had expected a reduction of 1.16 million barrels.

Crude stocks at the Cushing, Oklahoma delivery hub grew by 987,000 barrels during the week.

Refinery crude runs increased by 34,000 barrels per day. Refinery utilization rates decreased by 0.1 percentage points to 93.4%.

Net US crude imports rose by 837,000 barrels per day, according to the EIA.

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