In the latest report from the Energy Information Administration (EIA) on Wednesday, U.S. crude stocks witnessed a notable increase, while gasoline and distillate inventories saw declines for the week ending March 29.
According to the EIA, crude inventories surged by 3.2 million barrels, reaching a total of 451.4 million barrels, exceeding analysts' expectations of a 1.5 million-barrel draw as per a Reuters poll. Additionally, crude stocks at the Cushing, Oklahoma, delivery hub dropped by 377,000 barrels.
The report also highlighted a decrease in refinery crude runs, falling by 35,000 barrels per day.
In contrast, U.S. gasoline stocks experienced a significant decline of 4.3 million barrels, totaling 227.8 million barrels for the week. This decline was contrary to analysts' expectations of a 0.8 million-barrel draw, as indicated by the EIA.
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