Unexpected Slide in U.S. Crude Stockpiles Triggers Rise in Crude Prices

The data surprise prompted crude futures for both U.S. West Texas Intermediate and Global Brent to rise to a session high.

Crude inventories slid by 5.9 million barrels in the last week, compared with analysts’ expectations for an increase of 1.1 million barrels.

Crude stocks at the Cushing, Oklahoma delivery hub, rose by two million barrels, EIA said.

Refinery crude runs fell by 143,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.6 percentage points.

Gasoline stocks rose by 1.1 million barrels, compared with analysts’ expectations in a media poll for a 1.4 million barrels gain.

Distillate stockpiles, which include diesel and heating oil, fell by 661,000 barrels, versus expectations for a 2.0 million barrels increase, the EIA data showed.

U.S. crude imports fell last week by 1.041 million barrels per day.