U.S. crude stocks dip, fuel inventories rise in latest week: API

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S.

U.S. crude oil stocks dropped, while gasoline and distillate inventories increased, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 483,000 barrels in the week to May 29 to 531 million barrels, compared with analysts’ expectations for a build of 3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.2 million barrels, API said.

Refinery crude runs fell by 50,000 barrels per day, API data showed.

Gasoline stocks rose by 1.7 million barrels, compared with analysts’ expectations in our poll for build of 1 million barrels.

Distillate fuel inventories, which include diesel and heating oil, rose by 5.9 million barrels, compared with expectations for an increase of 2.7 million barrels.

U.S. crude imports fell last week by 1.3 million barrels per day, the data showed.

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