*Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing, Oklahoma. REUTERS/Nick Oxford.
News wire — U.S. crude stocks rose last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories rose by 1.6 million barrels in the week to August 9, compared with analysts’ expectations for a decrease of 2.8 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.5 million barrels, EIA said.
Refinery crude runs fell by 475,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.6 percentage points.
Gasoline stocks fell by 1.4 million barrels, compared with analysts’ expectations in a Reuters poll for an increase of 25,000 barrels.
Distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels, versus expectations for a 1 million-barrel increase, the EIA data showed.
Net U.S. crude imports fell last week by 252,000 barrels per day.
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