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US crude stockpiles fall 1.6m barrels as oil futures jump

US crude stockpiles fall 1.6m barrels as oil futures jump

Mubasher: US crude oil inventories dropped by 2.7 million barrels to 437.8 million barrels in the week ended 16 August, the Energy Information Administration (EIA) reported.

Total motor gasoline stockpiles rose by 300,000 barrels, while distillate fuel inventories grew by 2.6 million barrels.

US crude refinery runs averaged 17.7 million barrels per day (bpd) during the week, 401,000 bpd higher than the previous week’s average.

Refineries operated at 95.9% of their operating capacity last week.

US crude imports declined by 497,000 bpd to an average of 7.2 million bpd, compared to the preceding week, the EIA said.

Following the release of the EIA report, US Nymex crude futures climbed by 1.02% to $56.70 per barrel (pb), while global benchmark Brent futures jumped by 1.58% to $60.98 pb.