U.S. oil inventories drop by 3.3 mln bbls – EIA

U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday.

Crude inventories fell by 3.3 million barrels in the week ending August 18, compared with analyst expectations for an decrease of 3.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 503,000 barrels, EIA said.

Refinery crude runs fell by 104,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.7 percentage points.

Gasoline stocks fell by 1.2 million barrels, compared with expectations in a Reuters poll for a 643,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, rose by 28,000 barrels, versus expectations for a 93,000-barrel increase, the EIA data showed.

U.S. crude imports rose last week by 605,000 barrels per day.
Source: Reuters (Reporting By David Gaffen)