U.S. crude stocks drop, fuel inventories higher

US crude oil stocks fell, but fuel inventories were higher in the most recent week, data from industry group the American Petroleum Institute showed.

Crude inventories fell by 5.3 million barrels in the week to Jan. 22 to about 481.8 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 430,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.5 million barrels, API said.

Refinery crude runs fell by 76,000 barrels per day, API data showed.

Gasoline stocks rose by 3.1 million barrels, more than analysts’ expectations in a Reuters poll for a build of 1.8 million barrels.

Distillate fuel inventories, which include diesel and heating oil, rose by 1.4 million barrels, compared to expectations for a draw of 361,000 barrels.