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US crude stockpiles decline as oil prices rise

US crude stockpiles decline as oil prices rise

Mubasher: US crude oil inventories fell by 1.4 million barrels to 455.2 million barrels in the week ended 12 April, according to the Energy Information Administration (EIA).

Total motor gasoline inventories declined 1.2 million barrels, while distillate fuel stockpiles went down 400,000 barrels.

US crude refinery runs averaged 16.1 million barrels per day (bpd) during the week, 22,000 bpd lower than the prior week’s average, as refineries operated at 87.7% of their operating capacity last week.

US crude imports dropped 607,000 to an average of 6 million bpd for the reported week, compared to the prior week, the EIA said.

Following the release of the EIA report, US Nymex crude futures rose 0.17% to $64.16 per barrel (pb), while global benchmark Brent futures edged  up 0.07% to $71.77 pb.