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Energy

U.S. crude stocks drop sharply in latest week: API

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base

(Reuters) - U.S. crude oil stocks fell sharply last week while gasoline inventories rose, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 8 million barrels in the week to Oct. 30 to about 487 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 890,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 981,000 barrels, API said.

Refinery crude runs rose by 244,000 barrels per day, API data showed.

Gasoline stocks rose by 2.5 million barrels, compared with analysts’ expectations in a Reuters poll for a draw of 871,000 barrels.

Distillate fuel inventories, which include diesel and heating oil, fell by 577,000 barrels, compared with expectations for a draw of 1.7 million barrels.

U.S. crude imports rose by 164,000 bpd, the data showed.

Reporting By New York Energy Desk

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