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U.S. crude stocks drop sharply in latest week: API


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(Reuters) – U.S. crude oil stocks fell sharply last week while gasoline inventories rose, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 8 million barrels in the week to Oct. 30 to about 487 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 890,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 981,000 barrels, API said.


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Refinery crude runs rose by 244,000 barrels per day, API data showed.

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Gasoline stocks rose by 2.5 million barrels, compared with analysts’ expectations in a Reuters poll for a draw of 871,000 barrels.

Distillate fuel inventories, which include diesel and heating oil, fell by 577,000 barrels, compared with expectations for a draw of 1.7 million barrels.

U.S. crude imports rose by 164,000 bpd, the data showed.



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