U.S. crude inventories fall more than forecast - EIA

U.S. crude stocks fell more than forecast last week, while gasoline and distillate inventories rose less than expected, the Energy Information Administration reported on Wednesday.

Crude inventories fell 3.7 million barrels in the last week, compared with analysts' expectations for a decrease of 1.5 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell 924,000 barrels to 17.9 million barrels, EIA said.

"That number to some is disturbing," said Phil Flynn, an analyst at the Price Futures Group in Chicago. "Some people believe it’s pretty close to minimum operating capacity. Obviously it’s one factor that would be supportive for WTI over Brent."

Refinery crude runs fell 47,000 barrels per day, EIA data showed.

Gasoline stocks rose 365,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel gain and a 1 percent fall in demand from a year ago, suggesting products exports out of the U.S. Gulf continued to be strong.

"The export number has potential to be a point of support for U.S. crude oil prices," said Richard Hastings, macro strategist at Global Hunter Securities in Charlotte, North Carolina.

Distillate stockpiles , which include diesel and heating oil, rose 789,000 barrels, vs. expectations for a 1.5 million-barrel increase, the EIA data showed.

U.S. crude imports last week rose 315,000 barrels per day.

Following the report, both Brent and U.S. crude oil prices fell after briefly spiking higher.

Source: Reuters