EIA: Large Drop In US Crude Stockpiles Last Week

U.S. crude oil stockpiles fell more than expected last week as imports declined and refinery runs held close to record highs, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said Aug. 22.

Crude futures extended gains after the report, with global benchmark Brent crude up $1.65 at $74.28 a barrel by 9:46 a.m. EDT [14:46 GMT], and U.S. crude $1.53 higher at $67.38 a barrel.

“The report was supportive due to the large drop in crude oil inventories, which occurred due to high demand from refiners,” said John Kilduff, a partner at Again Capital Management in New York. A significant drop in crude oil imports after a spike higher last week also supported prices, he said.