U.S. Oil Stocks Fall Sharply, Product Inventories Rise

U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.9 million barrels in the week to June 15, compared with analysts' expectations for a decrease of 1.9 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, EIA said.

Refinery crude runs rose by 196,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1 percentage points.

Gasoline stocks rose by 3.3 million barrels, compared with analyst expectations in a Reuters poll for a 188,000-barrel gain.

Distillate stockpiles, which include diesel and heating oil, rose by 2.7 million barrels, versus expectations for a 164,000-barrel drop, the EIA data showed.

Net U.S. crude imports fell last week by 201,000 barrels per day.

Reporting By David Gaffen