U.S. crude inventories fell more than expected last week while gasoline and distillate stocks rose as refineries hiked output, data from the Energy Information Administration showed on Wednesday.
Crude inventoriesfell 7.5 million barrels in the week to July 11, compared with analysts' expectations for a decrease of 2.1 million barrels.
Refinery utilization rose more than expected last week, up 2.2 percentage points to 93.8 percent of capacity, EIA data showed.
Gasoline stocksrose 171,000 barrels, compared with analysts' expectations in a Reuters poll for a 600,000-barrel gain.
Distillate stockpiles, which include diesel and heating oil, rose 2.5 million barrels, versus expectations for a 1.8-million-barrel increase, the EIA data showed.
"The stand out number is the crude drop because when you see a number like that it gives a reason to cover if you're a little short," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
The data boosted U.S. crude oil futureswhich extended gains and rose more than $1 to above $101 a barrel.
Crude stocks at the Cushing, Oklahoma, delivery hubfell 650,000 barrels, and crude imports rose 142,000 barrels per day, the EIA said.
Source: Reuters
Crude inventories
Refinery utilization rose more than expected last week, up 2.2 percentage points to 93.8 percent of capacity, EIA data showed.
Gasoline stocks
Distillate stockpiles
"The stand out number is the crude drop because when you see a number like that it gives a reason to cover if you're a little short," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
The data boosted U.S. crude oil futures
Crude stocks at the Cushing, Oklahoma, delivery hub
