Oil News

Crude stocks up in the U.S, gasoline drops

Crude stocks up in the U.S, gasoline drops

U.S. crude oil inventories logged their sixth straight rise last week on lower refinery runs, while gasoline stocks drew down unexpectedly, according to U.S. Energy Information Administration data on Wednesday. Distillates stocks fell more than forecast. Data from the American Petroleum Institute on Tuesday showed a big jump in domestic crude stocks and big declines in refined fuels inventories last week. Tuesday’s APIs showed U.S. crude inventories in the world’s biggest oil consumer rose by 6.5 million barrels last week, while gasoline stocks shed 3.2 million barrels and distillates fell 2.8 million barrels. Crude Oil is trading at $82.00 as of 21:25pm, GMT, with a bullish trend.