U.S. crude stocks fall, but gasoline, distillates up

U.S. crude stocks fall, but gasoline, distillates up

U.S. crude stocks fall, but gasoline, distillates up

That was a bit higher than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.9 million barrels, EIA said.

Distillate stockpiles, which include diesel and heating oil, rose by 2.7 million barrels, versus expectations for a 230,000-barrel increase, the EIA data showed.

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Crude futures bounced around on the news, but as of 10:56 a.m. EST (1556 GMT), oil prices were marginally higher, with US crude at $58.22 a barrel, up 23 cents on the day. Brent was trading down 0.44 percent on the day at $63.10.

Meanwhile, with a 65 cents rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $60.94 per barrel in the mentioned week. January crude fell 20 cents, or 0.3%, from Tuesday to $57.79 a barrel on the New York Mercantile Exchange, little changed from $57.77 before the supply data. Refinery utilization rates rose by 1.3 percentage points.

The West Texas Intermediate for January delivery decreased 0.69 US dollar to settle at 57.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 0.50 dollar to close at 63.11 dollars a barrel on the London ICE Futures Exchange.

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