US crude oil and gasoline inventories fell last week

The US Energy Information Administration said on Wednesday that US crude oil and gasoline inventories fell in the week ending August 23 as demand increased ahead of the Labor Day holiday and the end of the summer driving season.

It added that crude stocks fell by 846,000 barrels to 425.2 million by the end of the week, compared to analysts’ expectations in a Reuters poll for a decrease of 2.3 million barrels, according to Al Arabiya.

The administration said that crude oil stocks at the Cushing, Oklahoma, delivery center fell by 668,000 barrels.

Refinery crude consumption rose by 175,000 barrels per day during the week.

Refinery utilization rates rose by a percentage point during the week.

The administration said that gasoline stocks fell by 2.2 million barrels in the week to 218.4 million, compared to expectations for a decrease of 1.6 million barrels.

The EIA data showed that distillate stockpiles, which include diesel and heating oil, rose by 300,000 barrels last week to 123.1 million barrels, compared with expectations for a decline of 1.1 million barrels. The EIA said that net U.S. crude imports rose last week by 282,000 barrels per day to 2.9 million.