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U.S. crude stocks likely rose, gasoline seen down for sixth straight week: Reuters poll

FILE PHOTO: Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Karnes County, Texas, U.S., May 18, 2020. REUTERS/Jennifer Hiller

(Reuters) - U.S. crude oil inventories likely rose last week, while gasoline stockpiles are expected to have fallen for a sixth consecutive week, a preliminary Reuters poll showed on Monday.

Five analysts polled by Reuters estimated, on average, that crude stocks likely rose by 2 million barrels in the week to Sept. 11.

Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel drop.

The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, at 4:30 p.m. EDT (2030 GMT) on Tuesday and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Analysts estimated that gasoline inventories likely fell by 600,000 barrels last week, their sixth consecutive weekly decline.

Distillate inventories, which include diesel and heating oil, were seen increasing by 400,000 barrels last week.

The rate of refinery utilization likely rose 1.9 percentage points, from 71.8% of total capacity for the week ended Sept. 4, according to the poll.

Reporting by Arundhati Sarkar and Asha Sistla in Bengaluru; Editing by Richard Chang

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