Mubasher: US crude oil inventories saw a sharp decline as refineries increased activity to the highest rate since 2005, while stocks of distillates, which include diesel and jet fuel, rose by the most in a year, as reported by Reuters.

Data showed that oil stockpiles fell by 7.419 million barrels last week, according to the Energy Information Administration (EIA) weekly report issued on Thursday.

Market analysts expected a crude-stock decrease of of 5.148 million barrels, while the American Petroleum Institute (API) estimated a supply draw of 4.992 million barrels, according to a report issued on Wednesday.

The report also showed that gasoline inventories increased by 4.813 million barrels, compared to expectations for a build of 2.182 million barrels, while distillate stockpiles rose by 8.899 million barrels, compared to forecasts for an increase of 0.477 million.