U.S. crude oil stockpiles posted surprise drop last week while gasoline inventories fell more than expected, according to a report from American Petroleum Institute.

Commercial crude stocks fell by 1.4 million barrels and gasoline
supplies fell 2.3 million barrels in the week ended Aug. 7, according
to the weekly API report.

Oil analysts had expected crude inventories in the world’s biggest
energy user to rise by 700,000 barrels and gasoline inventories to ease
1.3 million barrels, according to a Reuters survey.

Total U.S. petroleum inventories have been running near record highs in
recent months, puffed up by weak consumer and industrial demand in the
midst of the recession.

The surprise slump in crude oil stocks last week came even as imports
rose by 1.2 million barrels per day to 9.9 million bpd, and consumption
in the refining sector fell 77,000 bpd, according to the API report.

Distillate inventories, which include diesel, jet fuel, and heating
oil, rose by 1.6 million barrels, API said. Analysts had expected a
200,000 barrel decline.

The U.S. Energy Information Administration will release its own report
on petroleum inventories on Wednesday morning. The government report
can often diverge wildly from the API’s figures.

Source: Reuters

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